WeWork CEO Adam Neumann may be ousted as soon as Monday

WeWork CEO Adam Neumann may be ousted as soon as Monday

Directors at office-sharing company WeWork are considering kicking eccentric co-founder Adam Neumann out of the CEO's office, insiders say.

Controversial WeWork Chief Executive Officer Adam Neumann may be on his way out of the company he co-founded amid reports that the directors of parent company We Co. are meeting Monday to discuss his future.

Japanese conglomerate SoftBank Group reportedly wants to oust Adam Neumann as the CEO of WeWork, a U.S. firm that provides shared workspaces for startups.

Neither SoftBank nor WeWork made any official comment on the reports.

Any coup might mirror the replacement of another enigmatic CEO before a public offering.

Last week it delayed the proposed initial public offering after its prospective valuation was repeatedly slashed to as low as two thirds of its previous $47bn valuation, leaving it racing against time to hit an end-of-year deadline. "We believe our company has the power to elevate how people work, live and grow" is experiencing a chilly investor reception. But Neumann, who is one of seven board members, is We's controlling shareholder, giving him the power to fire the board. The We Company has faced concerns about its corporate governance standards, as well as the sustainability of its business model.

Banks that provided a $500-million credit line to Neumann are looking to revise the terms as his company's struggle to go public casts doubt on the value of his collateral, people briefed on the discussions said Thursday.

It is not clear what changes they might seek, or what right they may have to make demands.

The Wall Street Journal first reported the activities of the WeWork boardmembers.

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