FILE PHOTO: Adam Neumann, CEO of WeWork, speaks to guests during the TechCrunch Disrupt event in Manhattan, in New York City, NY, U.S. May 15, 2017. REUTERS/Eduardo Munoz -/File Photo
(Reuters) – Some WeWork board members, including officials tied to SoftBank Group Corp (9984.T), are planning to try to push Adam Neumann to step down as chief executive, The Wall Street Journal reported on Sunday, citing people familiar with the matter.
The company’s board is expected to meet as soon as this week and potentially consider a proposal for Neumann to become WeWork’s non-executive chairman, which would allow him to stay at the company but inject new leadership to pursue its initial public offering (IPO), WSJ here said.
WeWork declined to comment on the report and SoftBank was not immediately available for a comment outside business hours.
WeWork’s owner The We Company has faced concerns about its corporate governance standards, as well as the sustainability of its business model.
Reuters reported last week that We Company was considering seeking a valuation in its IPO of between $10 billion and $12 billion, a dramatic discount to the $47 billion valuation it achieved in January.
Reporting by Rishika Chatterjee in Bengaluru; Editing by Sonya Hepinstall and Daniel Wallis