WeWork CEO likely to be ousted by the board members
Co-working space company WeWork is going through some corporate chaos as some of the board members of the company are in support of ousting the CEO Adam Neumann, reported fastcompany.
According to the media reports the board members are eager to remove him from his current post after a tumultuous week in which his eccentric behavior and drug use came to light, and the startup delayed its much-anticipated stock-market listing. The members are likely to make a decision anytime soon.
The board members want a fresh leadership in the company and want Neumann to step aside and continue to be associated as the Non-Executive Chairman.
According to The Wall Street Journal, WeWork has invested around $2 billion last year and analysts have projected that on its current path We will run through what it has on hand sometime next year.
The newspaper said, “Any attempted coup is a gamble: Neumann still has allies among the directors and the ability to fire the entire board thanks to shares he controls that carry extra votes. But SoftBank, which has invested more than $9 billion into the company and is represented on the board, has considerable influence too, and We needs the Japanese conglomerate to continue pumping in cash.”
Adam Neumann wouldn’t be the only founder to be ousted by the board members. Founder of Uber Travis Kalanick, Founder of Housing.com Rahul Yadav were also ousted by their board members.
Image source- Time.com