WeWork Defends Disclosures After Report on CEO Lease Deals
A receptionist sits behind a counter at the WeWork Cos. Iceberg co-working space in Tokyo, Japan.
Photographer: Keith Bedford/BloombergThis article is for subscribers only.
WeWork Cos. defended its process for reviewing related-party transactions after a report said the real estate startup’s chief executive leased multiple properties to the company after he bought them.
The Wall Street Journal reported Wednesday that Chief Executive Officer Adam Neumann has made millions of dollars by leasing multiple properties in which he has an ownership stake back to WeWork. According to the paper, several investors said the arrangement concerned them as a potential conflict of interest, because the CEO could benefit on rents or other terms with the company.