WeWork CEO steps down as start-up hold-ups prepares to go public


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Outside a WeWork workplace in Manhattan

Alfred Ng / CNET

WeWork co-founder Adam Neumann has actually stepped down as CEO efficient right away, the business revealed Tuesday. WeWork, which offers shared offices for tech start-ups, will now be led by co-CEOs Artie Minson, the previous chief monetary officer, and Sebastian Gunningham, previous vice chairman.

After WeWork apparently delayed its IPO last Tuesday, the brand-new CEOs stated they’re now “evaluating the optimal timing for an IPO.”

“Our core business is strong and we will be taking clear actions to balance WeWork’s high growth, profitability and unique member experience,” Minson and Gunningham stated Tuesday in a news release.

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Neumann said WeWork, which now operates across 29 countries and has 527,000 daily members, “has never been stronger.” He’s stepping down because of the recent scrutiny of his leadership over the past few weeks, he said, which has been “a significant distraction.”

WeWork came under fire last week for having unsecured Wi-Fi networks, which meant companies’ devices, financial records, business transactions, client databases and emails were visible on the building’s network for years. This was despite WeWork knowing about the issue from as far back as May 2015.

WeWork didn’t immediately respond to a request for further comment.

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