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Saturday, February 27, 2021

WeWork CEO stepping aside amid questions about company

NEW YORK (AP) — WeWork CEO Adam Neumann is stepping aside amid questions about the company’s finances.

The New York-based office sharing company said Neumann will remain on its board as non-executive chairman. WeWork’s Artie Minson, formerly co-president and chief financial officer, and Sebastian Gunningham, formerly vice chairman, will become joint CEOs of the company.

Skepticism about WeWork’s business model has mounted in recent weeks after it delayed a planned initial public offering. The company’s revenue has risen sharply, reaching $1.8 billion in 2018. But its losses have mounted almost as quickly, reaching $1.6 billion last year.

WeWork has office space in 111 cities worldwide.

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