WeWork’s co-president and chief financial officer Artie Minson and vice-chairman Sebastian Gunningham have been named co-CEOs of the company.
Neumann said in a statement: “While our business has never been stronger, in recent weeks, the scrutiny directed toward me has become a significant distraction, and I have decided that it is in the best interest of the company to step down as chief executive. Thank you to my colleagues, our members, our landlord partners, and our investors for continuing to believe in this great business.”
WeWork delayed its IPO last week after investors expressed concern about the company’s falling valuation and Neumann’s leadership of the company. The We Company has never been profitable and its valuation fell to $15 billion (possibly lower) after being valued at $47 billion earlier this year.
Since the company was founded in 2010, his “over-the-top” style has drawn criticism, most recently detailed by the Wall Street Journal. Here are some of the cofounder’s most WTF moments.