Adam Neumann, the CEO of the coworking and office space startup WeWork, is stepping down from his position, according to a statement released by the company on Tuesday.
"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," said Neumann in a statement.
Two current executives, Artie Minson and Sebastian Gunningham, will serve as co-CEOs until a permanent replacement is found, the company said.
"Our core business is strong and we will be taking clear actions to balance WeWork's high growth, profitability and unique member experience while also evaluating the optimal timing for an IPO. We are committed to the continued success of our members, partners, employees and shareholders on this new journey," said Minson and Gunningham in a prepared statement.
Neumann is now expected to serve as a nonexecutive chairman of the company's board.
Neumann had faced increasing pressure to leave the position, especially following reports of indulgent and impulsive behavior by the executive.
Overall, it's been a difficult month for the company. It's delayed its public offering and faced increasing scrutiny over its governance and valuation.
The company also added a female board member, Frances Frei, after it had been criticized for having an all-male board.
U.S. tariffs on steel and aluminum “will not go unanswered,” European Union chief Ursula von der Leyen vowed on Tuesday, adding that they will trigger toug
The Trump administration has ordered the Consumer Financial Protection Bureau to stop nearly all its work, effectively shutting down the agency that was created to protect consumers after the 2008 financial crisis and subprime mortgage-lending scandal. Russell Vought is the newly installed director of the Office of Management and Budget. Vought directed the CFPB in a Saturday night email to stop work on proposed rules, to suspend the effective dates on any rules that were finalized but not yet effective, and to stop investigative work and not begin any new investigations. The agency has been a target of conservatives since President Barack Obama created it following the 2007-2008 financial crisis.
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