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WeWork CEO, and cofounder, Adam Neumann is stepping down as the company’s chief executive officer Tuesday, according to a report.
Amid a stalled IPO and doubts from board members and investors, Neumann will take on the role of nonexecutive chairman of the We Company, WeWork’s umbrella, according to The New York Times.
WeWork will name Sebastian Gunningham and Artie Minson, two current executives, as acting co-CEOs, The Times reported, citing sources.
Since announcing its intentions to go public in August, speculation has surrounded Neumann and WeWork, the popular office space rental designed for entrepreneurs and freelancers. The company announced it will hold off on going public now just before a flurry of stories detailed some of Neumann’s pitfalls, including his reported falling out with the company’s biggest investor, SoftBank’s CEO Masayoshi Son over the past few days.
Neumann’s management style has also been detailed including his affinity for layoffs, WeWork’s “frat-boy” office culture, and his personal marijuana use on an international flight aboard a private jet.