Embattled WeWork chief Adam Neumann has stepped down following a failed IPO that saw the co-worker company’s value plummet from $47bn to just $10bn.
Vice chairman Sebastian Gunningham and chief financial officer Artie Minson have been installed as the office-space provider’s new co-chief executives.
Neumann lost the good will of investors, particularly SoftBank, which has poured over $10.5bn into the firm.
Increasing losses, complex corporate structure and the sway that Neumann had over the company were cited as reasons for ousting him as CEO. Blame has also been levelled at Goldman Sachs and JP Morgan (£).
WeWork is London’s largest corporate occupier after the government, and until last year it’s attractive offering had been drawing tenants away from traditional landlords as it grew to 528 locations in 27 countries.
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