Parent Company: Neumann and Co .,

parent company: The move is designed to salvage an initial public offering, which had been met with immediate scorn from public investors, according to The Japan Times. A litany of apparent conflicts of interest and Neumann's propensity to burn through capital were chief concerns. ; While our business has never been stronger, in recent weeks, the scrutiny directed toward me has become a significant distraction, Neumann said in a statement. Members of WeWork's board had been pressuring Neumann in recent days to resign and take a new role as nonexecutive chairman. I have decided that it is in the best interest of the company to step down as chief executive. WeWork's parent company, We Co., intends to push ahead with the IPO, but some people briefed on the deliberations said it's unlikely to take place next month as planned. Two senior WeWork executives, Sebastian Gunningham and Artie Minson, were appointed as co-CEOs. (news.financializer.com). As reported in the news.