Adam Neumann, WeWork’s co-founder and CEO, is stepping down, according to The Washington Post. The SoftBank Group, the largest investor in We Company, WeWork‘s owner, wanted to remove Neumann from the executive office of the US shared-office firm. It was decided that he will stay in leadership as non-executive chairman of the board.
The conflict between the Japanese conglomerate and one of its biggest investments comes after We Company postponed its initial public offering (IPO) last week.
In a news release, Neumann said the scrutiny directed toward him “had become a significant distraction” and that it was in the company’s best interest for him to step down.
He will be replaced by two co-CEOs: Artie Minson, formerly the company’s co-president and chief financial officer, and Sebastian Gunningham, who was vice chairman.