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WeWork plans to reduce the powers of CEO Adam Neumann and his wife, Rebekah Neumann, to put his initial public offering back on track, the Financial Times reported on Thursday.
Neumann dominates the company, thanks in part to holding a special stock giving him 20 votes per share. The company's investors, advisers and executives are in the process of deciding to reduce its voting power, among other possible reforms of corporate governance, according to the Financial Times.
According to WeWork's bylaws, Rebekah Neumann is one of three people who would decide her husband's successor if he died or became incapacitated within 10 years of his IPO. One of the other changes the real estate giant is discussing is to remove it from its role, the Financial Times reported.
Company representatives did not immediately respond to an email from Business Insider requesting a comment.
WeWork is struggling to align potential investors with its planned public offering. Neumann's control over the company and a series of transactions involving him or his relatives raised eyebrows. Investors and analysts also expressed concerns about the company's valuation and financial stability.
Read it: Here's How WeWork Answers 5 Most Important Questions About Its Business – And Why Analysts Are Still Worried About Its IPO
In its last round of private financing in January, WeWork was valued at $ 47 billion. But, according to the Financial Times, it is now considering becoming public with a market capitalization of just $ 15 billion.
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