Some WeWork directors are planning to push Adam Neumann to step down as chief executive after the start-up delayed its much-anticipated initial public offering, according to people familiar with the matter.
Officials tied to SoftBank Group Corp., the company’s largest investor, want Neumann to step down as CEO of We Co., WeWork’s parent company, said the people, who asked not to be identified because discussions are ongoing. SoftBank founder Masayoshi Son is among those favoring Neumann’s removal, CNBC reported Sunday, citing sources it didn’t identify.A board meeting could come as early as this week, and the board consider a proposal for Neumann to remain as We’s non-executive chairman.
The company, which has raised more than $12 billion since its founding and never turned a profit, has said it intends to go public by year’s end.Any coup might mirror the replacement of another enigmatic CEO before a public offering. Institutions including Benchmark Capital, one of WeWork’s investors, pushed outStill, even if some directors want to oust Neumann, it won’t be easy given the company’s governance structure.
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