NEW YORK CITY – WeWork's co-founder and CEO Adam Neumann has stepped down amid pressures to resign after the company's initial public offering flopped earlier this month.
In the decision, Neumann's voting shares will go from 10-to-1 to 3-to-1, dissolving his majority control of the company, according to news reports. The move follows an earlier slashing of his voting power from 20 votes a share to 10 votes a share.
WeWork's board of directors appointed co-CEOs effective immediately, who include Artie Minson, former co-president and chief financial officer, and Sebastian Gunningham, a former Amazon.com Inc. executive and a We Co. vice-chairman.
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Mariah Brown
Mariah Brown is the New York Bureau Chief and Real Estate Reporter for GlobeSt.com, covering the New York Metro area, Northeast region and national real estate trends. She is responsible for producing multi-media content, including articles, podcasts and video. Before joining the GlobeSt team, she served as a New York Times fellow, reported for the Associated Press in New York and Philadelphia and several other New York City-based outlets.
