The CEO’s fall from grace comes after WeWork’s planned IPO crashed and burned—and resulted in a slew of damaging revelations about Neumann’s leadership
from her roles in the business. So what happens to the company without Neumann at its helm? WeWork has announced that the company's new co-CEOs, effective immediately, will be current co-president and CFO, with a search underway for a permanent successor.
Will their efforts be enough to dig the company out of the hole that Neumann got them into, and finally spur their elusive IPO? Or, as Marx Realty CEOtold Sherman, does the company's business model built around long-term leases and short-term tenants mean that WeWork won't be “a viable business” no matter who's in control? That remains to be seen—but as things stand now at WeWork, as one executive told Sherman before Neumann's departure, “It’s an all-around shitshow.
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