NewsBreak: WeWork CEO Stepping Down – Report

Sep 24, 2019

Back Stock Market

: WeWork co-founder Adam Neumann is stepping down as CEO in the wake of the company’s delayed IPO, the New York Times reported Tuesday.

Neumann was pressured by board members to give up his post, but will remain nonexecutive chairman of WeWork parent We Co., the Times said, citing a person briefed on the decision.

Current executives Sebastian Gunningham and Artie Minson will serve as interim co-chief executives, the Times reported.

WeWork also may lay off as many as 5,000 employees, a third of its workforce, in an effort to cut costs, The Information reported Tuesday.

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