WeWork Managing Director Adam Neumann resigned - will remain chairman whithout voting rights

Posted on Sep 24, 2019 by Ifi Reporter

WeWork Managing Director, born Israeli, Adam Neumann resigned because of controversy over his term. Pressure on Neumann and the Wall Street Journal article revealing his conduct did, Neumann resigns and will remain chairman We company only.
According to the Wall Street Journal report, the son of Softbank chairman, who has spent billions of dollars on WeWork, led the move to oust Neumann.
"While our company is at its peak, in recent weeks, the criticism directed at me has become a major distraction, and I decided this was the best decision for everyone to quit my position as CEO," Neumann said in an official statement about his resignation to the media.
Neumann's voting powers in the company will be significantly reduced so that he no longer holds the majority vote. Neumann owns the largest stake in the company with about 115 million shares, and the company's controlling structure has given him a huge amount of control.
Neumann's future at WeWork has been questioned as the company prepares for a public offering on the Wall Street stock exchanges. The company postponed its issue after publishing a report on its board of directors and market valuation


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