A bloc of WeWork directors is planning to push Adam Neumann to step down as CEO, according to the WSJ. The board is expected to meet this week, and SoftBank’s Masayoshi Son is in favor of a change.
- Behind the scenes: Several investors have floated the idea of threatening Neumann with legal action — potentially over conflicts of interest that have already come to light during the IPO process. It’s clearly a perilous time for the largest office tenant in Manhattan.
- The spin playing out in the media: WeWork contends that Son’s move against Neumann is part an effort to prevent the company from going public. Such a scenario would prevent a write-down for SoftBank after valuing the company at $47 billion earlier this year.
- Be Smart: The board is comprised of seven individuals, and it’s unclear where everyone stands. Here’s a breakdown.
- Talent drain continues: Wendy Silverstein who joined WeWork last fall to lead its investment vehicle known as ARK resigned last week.