Today, WeWork officially confirmed that Chief Executive Adam Neumann has stepped down from his role with immediate effect.
Neumann, whose leadership has long been criticised for its erratic nature, stated that he believes the move to be “within the best interest of the company,” after his actions “had become a significant distraction,” as reported by the BBC. He will, however, remain at the company as a non-executive Chairman.
The major reshuffle comes just days after WeWork’s plans to list an IPO fell through after it was projected that the company would raise just a fraction of its target amount of $47billion – many stated that this amount was wildly unrealistic. Whether Neumann’s departure will have a favourable effect on a second attempt at an IPO is currently unknown.
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