Adam Neumann, the charismatic entrepreneur who led WeWork to become one of the world’s most valuable startups, stepped down as chief executive officer after a plan to take the company public hit a wall.
Members of WeWork’s board had been pressuring Neumann in recent days to resign and take a new role as non-executive chairman. The move is designed to salvage an initial public offering, which had been met with immediate scorn from public investors. A litany of apparent conflicts of interest and Neumann’s propensity to burn through capital were chief concerns.
