Adam Neumann Voted to Oust Himself as WeWork CEO: Report

Former WeWork CEO Adam Neumann reportedly voted to oust himself from leading the company. According to Reuters, the company’s seven-person board started laying the foundations for Neumann’s departure last weekend—in the midst of negative attention about WeWork’s valuation being slashed and the company postponing its initial public offering. A source said the board’s message to the 40-year-old co-founder of the company was: “Listen, this IPO has gotten distracted by you.” Neumann reportedly decided to back his own ouster because he felt that’s what was best for WeWork, though he still owns about a quarter of the company and is the non-executive chairman. Neumann has not publicly commented on the matter.