Sunday, September 22, 2019

"WeWork board members consider removing chief executive Adam Neumann"

From CityAM:
Some Wework board members, including some tied to major investor Softbank, are planning to try to force chief executive Adam Neumann to step down, according to reports.

The board of the We Company’s board could meet as soon as this week, and may consider a proposal for Neumann to become the firm’s non-executive chairman, the Wall Street Journal reported.
It has been a tumultuous week for the office space giant, which had to delay its planned IPO after its plans received a cool reception from investors.

Japanese conglomerate Softbank, combined with its Vision Fund and Delta Fund, is We’s largest investor, and has ploughed over $9bn into the company.....MORE
CityAM doesn't say whose reports (WTH) but the DJ wire crossed this Journal story an hour ago:
Some WeWork Board Members Seek to Remove Adam Neumann as CEO
CNBC says Softbank's Mr. Son is onboard with the idea.