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WeWork parent names co-CEOs after founder Adam Neumann’s sudden departure

Neumann, who relinquished the top role following a plunge in We Company's estimated valuation and a clash with investors, will be chairman

Office workers
We Company has been preparing for an initial public offering but last week postponed the float plans

We Company (PRIVATE-NA:WE), the parent office space sharing company We Work, is grappling with the fallout from founder Adam Neumann’s sudden departure as CEO.

In a statement on Tuesday, the group named Artie Minson, previously its chief financial officer, and Sebastian Gunningham, previously vice-chairman, as co-chief executive officers. 

Neumann relinquished his top role on Tuesday following a plunge in the company’s estimated valuation and a clash with investors, although he will stay on as We Company's non-executive chairman.

According to meda reports, Masayoshi Son, the chairman of Japan’s SoftBank Group Corp - which has invested billions of dollars in We Company - led the charge to remove Neumann.

Under Neumann’s leadership, We Company has been preparing for an initial public offering (IPO) but last week postponed the float plans due to questions about the company’s corporate governance and valuation. Analysts think that it is unlikely the company will do an IPO this year. 

Minson, a former chief financial officer of Time Warner Cable Enterprises LLC who joined We Company in 2015, will oversee its finance, legal, human resources, real estate and public communications. 

Gunningham, a former executive at Amazon.com Inc (NASDAQ:AMZN), Apple Inc (NASDAQ:AAPL) and Oracle Corp (NYSE:ORCL) who joined We Company last year, will take responsibility for product, design, development, sales, marketing, technology and regional teams.

Contact the author: [email protected]

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