Adam Neumann cofounded WeWork in 2010 and built it into a global chain of coworking spaces with 528 locations in 111 cities across 29 countries and more than 500,000 members, according to its recent IPO prospectus. But concerns about the company’s path to profitability, its corporate governance, and Neumann’s personal and professional behavior since the company stated its intent to go public in August have led to reports Sunday that some members of the board of directors want to replace Neumann. The move, first reported by The Wall Street Journal and then augmented by CNBC, would be at the behest of some of Neumann and the We Company’s largest investors, including SoftBank, the Japanese telecom giant which has invested more than $10 billion into We via equity, debt, and its subsidiaries and over $100 billion in the global digital economy. The proposal is for Neumann to step into a nonexecutive chairman role in favor of someone who could take the company public without the concerns surrounding Neumann’s prior judgment, such as his decision to change the company’s name from WeWork to The We Company and then charge the company $5.9 million for the We trademark, which he owned via a… Read full this story
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