Adam Neumann, the CEO of the coworking and office space startup WeWork, is stepping down from his position, according to a statement released by the company on Tuesday.
"While our business has never been stronger, in recent weeks, the scrutiny directed toward me has become a significant distraction, and I have decided that it is in the best interest of the company to step down as chief executive," said Neumann in a statement.
Two current executives, Artie Minson and Sebastian Gunningham, will serve as co-CEOs until a permanent replacement is found, the company said.
"Our core business is strong and we will be taking clear actions to balance WeWork's high growth, profitability and unique member experience while also evaluating the optimal timing for an IPO. We are committed to the continued success of our members, partners, employees and shareholders on this new journey," said Minson and Gunningham in a prepared statement.
Neumann is now expected to serve as a nonexecutive chairman of the company's board.
Neumann had faced increasing pressure to leave the position, especially following reports of indulgent and impulsive behavior by the executive.
Overall, it's been a difficult month for the company. It's delayed its public offering and faced increasing scrutiny over its governance and valuation.
The company also added a female board member, Frances Frei, after it had been criticized for having an all-male board.
Swedish buy now, pay later company Klarna is making its highly anticipated public debut on the New York Stock Exchange Wednesday, the latest in a run of high-profile initial public offerings this year. The offering priced at $40 Tuesday, above the forecasted range of $35 to $37 a share, valuing the company at more than $15 billion. The valuation easily makes Klarna one of the biggest IPOs so far in 2025, which has been one of the busier years for companies going public. Other popular IPOs so far this year include the design software company Figma and Circle Internet Group, which issues the USDC stablecoin..
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