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WeWork founder Adam Neumann steps down as CEO of The We Company the New York Times reports. Neumann is expected to stay in the shared office start-up as president, but he apparently has given up majority control of the company, according to the newspaper. the the Wall Street newspaper.
Neumann leaves his post after a roller-coaster summer where his company, one of the most appreciated on the planet, has started and put in place warning plans for an initial public offering. Neumann was the target of criticism after the company's prospectus filing for the IPO revealed heavy losses and a wide divergence in the distribution of power between it and the other shareholders of the company. The filing also shed light on some of the so-called self-trading offenses, including the fact that he registered the name "We" under a trademark and then licensed it to his own company. .
"As co-founder of WeWork, I am so proud of this team and the amazing company we have created over the last decade," said Neumann in a statement released by the company. "Although our business has never been so strong, in recent weeks the control that has been entrusted to me has become an important distraction and I decided that it was in the background. The interest of the company to leave the position of general manager. Thank you to my colleagues, our members, our proprietary partners and our investors for continuing to believe in this great company. "
The New York Times said that board members and investors lobbied Neumann to resign, and that even Masayoshi Son, of SoftBank, would have supported his dismissal. The two current executives, Amazon veterinarian Sebastian Gunningham and CFO Artie Minson, will serve as co-directors. There is no search for a new singular CEO, as has been reported elsewhere, said the company The edge.
Earlier today, L & # 39; information reported that the bankers were pushing the parent company We Company to lay off almost a third of its global workforce, which would represent about 5,000 workers. Over the years, they have also launched some secondary activities, such as the private elementary school or the nascent Rise Gymnasium.
Update of September 24, 2:41 pm ET: Updated to note that while Gunningham and Minson will serve as co-CEOs in the future, the company says there is no search for a new CEO, singular .
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