{"id":1004355254,"date":"2019-09-25T06:17:53","date_gmt":"2019-09-25T14:17:53","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004355254"},"modified":"2019-09-25T06:51:41","modified_gmt":"2019-09-25T14:51:41","slug":"wework-ceo-adam-neumann-steps-down","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/wework-ceo-adam-neumann-steps-down\/","title":{"rendered":"WeWork CEO Adam Neumann Steps Down"},"content":{"rendered":"<div id=\"attachment_1004355269\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/09\/Adam-Neumann.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004355269\" data-attachment-id=\"1004355269\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/wework-ceo-adam-neumann-steps-down\/adam-neumann\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/09\/Adam-Neumann.jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Adam-Neumann\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Adam Neumann, co-founder, WeWork&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/09\/Adam-Neumann.jpg?w=800\" class=\"wp-image-1004355269 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/09\/Adam-Neumann.jpg\" alt=\"\" width=\"300\" height=\"233\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/09\/Adam-Neumann.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/09\/Adam-Neumann.jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/09\/Adam-Neumann.jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004355269\" class=\"wp-caption-text\">Adam Neumann, co-founder, WeWork. <em>Image courtesy of user&nbsp;Max Morse via Wikimedia Commons<\/em><\/p><\/div>\n<p>Adam Neumann has resigned as CEO of WeWork, the flexible office giant he co-founded in 2010. The high-profile entrepreneur will remain as nonexecutive chairman of the board, while WeWork\u2019s Artie Minson, formerly co-president &amp; CFO, and Sebastian Gunningham, formerly vice chairman, will step up as co-CEOs of the firm.&nbsp;&nbsp;<\/p>\n<p>The leadership change comes under pressure, after WeWork parent The We Co. <a href=\"https:\/\/www.commercialsearch.com\/news\/ipo-filing-reveals-costs-of-weworks-growth-spree\/\">released an IPO prospectus<\/a> in mid-August that raised questions about the firm\u2019s valuation, business model and corporate governance. Early last week, the sharing economy firm was reported to have postponed its planned IPO roadshow, and Japanese conglomerate Softbank Group, We\u2019s biggest shareholder, subsequently held internal discussions about how to remove Neumann, according to an <a href=\"https:\/\/www.wsj.com\/articles\/neumann-expected-to-step-down-as-we-ceo-11569343912\" target=\"_blank\" rel=\"noopener\">account by the <em>Wall Street Journal<\/em><\/a>.<\/p>\n<p>One source who spoke to the newspaper indicated that the company is mulling laying off a few thousand of its more than 12,000 employees. The shakeup leaves the fate of the prospective IPO in doubt and may have implications for the company\u2019s rapid expansion. In less than a decade, WeWork has built up a global platform of 836 locations open and under development across 126 cities, including more than <a href=\"https:\/\/www.commercialsearch.com\/news\/a-ranking-of-weworks-largest-landlords\/\">24.3 million square feet of leased space<\/a> in the U.S. The firm is now the biggest office tenant in both New York City and downtown Chicago.<\/p>\n<p><em>Follow us for more on this topic, coming soon.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The high-profile entrepreneur will remain nonexecutive chairman amid questions raised by the coworking giant&#8217;s botched IPO.<\/p>\n","protected":false},"author":744,"featured_media":1004355269,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[23891,21742,21744],"tags":[42461,45557,33678],"class_list":["post-1004355254","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-national","category-latest","category-people","tag-coworking","tag-softbank-group","tag-wework"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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