WeWork founder Adam Neumann is stepping down as CEO of the embattled company, the New York Times reports, after a damning report on his unorthodox management style and questions over the company’s valuation ahead of an expected IPO.
Neumann, who is Israeli, will become the nonexecutive chairman of the We Company, WeWork’s parent, according to the report.
The shared office space company is heading toward an IPO, but has hit serious road bumps in recent weeks. It was originally valued at $47 billion, but that figure has plummeted to some $15 billion as investors have opened the company’s books and raised questions about how it is run.
A Wall Street Journal report over the weekend portrayed Neumann and his wife as eccentric executives who made rash decisions. According to the profile, Neumann has plans to become prime minister of Israel and the world’s first trillionaire.
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