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SoftBank Seeks to Oust Adam Neumann as WeWork CEO: Report

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Japanese conglomerate SoftBank Group reportedly wants to oust Adam Neumann as the CEO of WeWork, a US firm that provides shared workspaces for startups. WeWork directors were planning an immediate board meeting this week to discuss the details of removing Neumann.

“Certain members of WeWork’s seven-person board are planning to pressure Neumann to step down and instead become WeWork’s non-executive chairman,” TechCrunch reported on Sunday quoting the Wall Street Journal as saying.

The move “would allow him to stay at the company he built into one of the country’s most valuable startups, but inject fresh leadership to pursue an IPO that would bring WeWork the cash it needs to keep up its torrid growth”.

SoftBank and its associated Vision Fund is WeWork’s largest shareholder.

SoftBank CEO Masa Son is apparently in favour of ousting Neumann.

According to CNBC, WeWork views Son’s move against Neumann as an effort to prevent the company from going public.

The board is expected to potentially discuss making Neumann WeWork’s non-executive chairman.

Neither SoftBank nor WeWork made any official comment on the reports.

WeWork, which has officially changed its name to the We Company, lost $1.93 billion (roughly Rs. 13,700 crores) in 2018 over sales of $1.82 billion. The We Company has faced concerns about its corporate governance standards, as well as the sustainability of its business model.



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One UI 3.1 update for the Samsung Galaxy Z Fold2 brings new experiences

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Samsung has announced new experiences and interactions for its Galaxy Z Fold2 smartphone with the introduction of One UI 3.1. Since last December, owners of the smartphone have been enjoying One UI 3 with Android 11 on the device. The device maker says that following the release of One UI 3.1, the user experience on the foldable device will get … Continue reading

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“Hey, Facebook” wake word lands on Oculus Quest 2 and Portal

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Almost all the Big Tech companies have smart assistants these days except for Facebook. There have been rumors and signs that the social media giant would be coming out with its own but nothing has materialized so far. It might, however, be taking another step in that direction by pushing its own trigger phrase to activate voice commands not only … Continue reading

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Android Sleep API to make sleep tracking apps more efficient

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There has been perhaps an overabundance of focus on activity trackers, most of them targeting, well, activities. While movement and exercise are, of course, important, they aren’t the only measures of a healthy lifestyle. Sleep is just as important, perhaps even more so these days. In an effort to help app developers and, consequently, users develop better sleeping habits, Google … Continue reading

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