[ad_1]
The post office-
Adam Neumann
era at WeWork began.
In the days following Mr. Neumann's departure as General Manager, the company's new leaders decided to reduce their workforce and assets, including plans to serve nearly 20 friends and family members on Thursday. Mr. Neumann and his wife, Rebekah Neumann, according to the newspaper. to people familiar with the subject.
The replacements of the former CEO of We Co., the parent company of the shared management company, are expected to cut thousands of positions out of a workforce of more than 12,000 people and seek to sell activities outside of its main leasing business, said people familiar with the case. . Their goal is to prepare a company reduced to a public offering that would raise the necessary funds, probably next year.
The highest leader among those who should leave is
Michael Gross,
an allied vice-president and long-time friend of Mr. Neumann.
Another person about to leave is
Chris Hill,
the company's chief product officer, who is also Ms. Neumann's brother-in-law, said the people interviewed. Ms. Neumann, a co-founder who also bore the title of Brand and Impact Leader, also leaves, said people familiar with the topic this week.
Of the 10 or more employees who worked directly with Mr. Neumann in a group called inside the "Oval Office", there were also friends who had worked for him on personal contracts.
In leaving his position as CEO this week, Neumann also lost control of the company after a tumultuous period in which we were forced to set aside a much-needed public offering when potential investors lost interest in the company. its valuation and its sought-after governance.
This resistance has mobilized support from Neumann's fellow directors for a change in leadership. He will remain non-executive chairman of the New York company.
We are the new co-directors,
Artie Minson
and
Sebastian Gunningham,
plan to set a new course for the formerly freewheeling society, which has grown rapidly but has also led to heavy losses.
It's a large-scale empire that Mr. Neumann has often sought to develop to turn into an eclectic mix of companies. They include the WeGrow Preschool and Elementary Education Unit, a fitness club called Rise by We and a dormitory apartment rental company called WeLive. We spent more than $ 500 million to purchase technology-related businesses, including the Meetup.com event planning website and a search engine optimization company, Conductor.
Among the assets being auctioned, people familiar with the case said: the company's Gulfstream G650ER, a high-end private jet purchased by last year for more than $ 60 million. The plane was one of Neumann's favorites, which he often used to sneak between his homes in the Bay Area and those in New York.
We do not know what could become of some of his other luxuries. Neumann's employees included at least one driver for the $ 100,000 Maybach luxury car he frequented frequently.
According to his entourage, a small spa and an ice bath were connected to his office. The office is being cleaned up and, as director, Neumann's access to the company's facilities will be narrower, officials said.
Write to Eliot Brown at [email protected], Anupreeta Das at [email protected] and Maureen Farrell at [email protected]
Copyright ะน 2019 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
[ad_2]
Source link