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WeWork board members are talking about ousting CEO Adam Neumann amid IPO turmoil

WeWork board members are talking about ousting CEO Adam Neumann amid IPO turmoil
Jackal Pan/Getty Images; Jacqueline Larma/AP Images; Samantha Lee/Business Insider



Some board members at coworking startup WeWork aim to push out CEO Adam Neumann, according to a report from the Wall Street Journal.




The board could meet this week and might discuss Neumann becoming WeWork's nonexecutive chairman, the Journal reported.




According to the report, it was unclear how all of the company's seven directors a list that includes Adam Neumann himself have sided.




Among the individuals who want Neumann out are officials linked to large WeWork backer SoftBank, the Journal reported. SoftBank chairman and CEO Masayoshi Son is in favor of ousting Neumann as CEO, CNBC reported, citing a person familiar with the matter.




The New York Times also reported on Sunday that some board members and large investors are discussing potentially replacing Neumann, based on feedback from some major money managers. However, the Times reported that those conversations are so far informal.




This comes after controversy about how the company is run led it to shelve its IPO until later this year, an extremely unusual move.




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WeWork's charismatic and controversial CEO Adam Neumann is reportedly in the hotseat after the company shelved its IPO until later this year.
A group of WeWork directors aim to oust Neumann from the role, although it's currently unclear how the 7-member WeWork board has sided, the Wall Street Journal reports.
The board could meet this week and discuss Neumann becoming WeWork's nonexecutive chairman, according to the Journal. Those who want Neumann out at CEO includes officials linked to WeWork's biggest backer, SoftBank.
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