Reports: Some WeWork directors seek to remove CEO

Business
Adam Neumann

FILE – In this Tuesday, Jan. 16, 2018, file photo, Adam Neumann, co-founder and CEO of WeWork, attends the opening bell ceremony at Nasdaq, in New York. Some members of the WeWork board are unhappy with its leadership and plan to push WeWork CEO Adam Neumann to give up that title, according to media reports. (AP Photo/Mark Lennihan, File)

NEW YORK (AP) — Some members of the WeWork board are unhappy with its leadership and plan to push WeWork CEO Adam Neumann to give up that title, according to several media reports.

The reports say the board members are connected to Japanese firm SoftBank Group, WeWork’s biggest investor. The Wall Street Journal and other outlets cited anonymous sources familiar with the matter. We Co. declined to comment and SoftBank did not respond to a request for comment.

Earlier in September WeWork delayed plans for an initial public offering.

Skepticism about WeWork’s business model has deepened since the company outlined its finances in paperwork related to the IPO . 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.

Copyright 2019 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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