[ad_1]
Artie Minson, left, and Sebastian Gunningham, WeWork's new co-chair, are on the verge of a quick review of their management.We society; Samantha Lee / Business Insider
The new co-CEOs of WeWork seem eager to break with the reign of Adam Neumann.
Artie Minson and Sebastian Gunningham plan to oust some 20 friends and family members of Neumann as part of an effort to reorganize the company and its management, reported Thursday Eliot Brown, Wall Street Journal, Anupreeta Das and Maureen Farrell. Michael Gross, longtime friend of Neumann, vice president of WeWork, and Chris Hill, product manager of the company, also brother-in-law of Neumann's wife, Rebekah.
Business Insider had previously announced that Hill was to leave, along with Roni Bahar, WeWork's development director, and Zvika Shachar, global security manager.
Read it: We have just learned the last starts of WeWork. 3 long-time members of Adam Neumann's inner circle are absent. More key releases are coming.
Besides Gross and Hill, the newspaper announced that about 10 employees who reported directly to Neumann in a group dubbed the "Oval Office" will also leave the company. It was not clear if Bahar and Shachar were part of the "oval office". In addition, Rebekah Neumann is leaving the company, Bloomberg announced earlier this week.
WeWork representatives did not immediately respond to an e-mail requesting a comment.
New Co-CEOs Clean Up After Failure of WeWork IPO
Minson and Gunningham should go far beyond simply leaving the circle of Neumann to try to reshape society. It is also expected that they will remove thousands of jobs and sell businesses outside of WeWork's core office rental activities, the newspaper reported. In addition, they plan to sell the Gulfstream G650ER jet from the company bought by the company last year for $ 60 million, as reported by Business Insider. Neumann often used the plane to fly between New York and the Bay Area, according to The Journal. he has houses in both places.
Read it: WeWork sells the company's luxury private jet, worth $ 60 million, that Adam Neumann and his family have customized and used to fly around the world.
The changes come after Neumann's abrupt collapse following the failure of WeWork's initial public offering. The company was planning to go public this month, but postponed the IPO after meeting stiff resistance from potential investors worried about its governance and huge losses. Initially, the company said it was still considering becoming public later this year. According to the newspaper report, the company plans to postpone its bid for next year.
WeWork has $ 6 billion for the timing and success of its IPO. A group of lenders, including JPMorgan, have promised to extend a credit line of up to $ 3 billion to a public offer by the end of the year, although may modify the terms of this agreement.
Do you have any advice regarding WeWork or another company? Contact this reporter by e-mail at [email protected], send him a message on Twitter @troywolv, or send him a secure message via Signal at 415.515.5594. You can also contact Business Insider securely via SecureDrop.
[ad_2]
Source link