Directors of WeWork’s parent, We Co., are scheduled to meet Monday morning to discuss the potential removal of Adam Neumann as CEO, people familiar with the matter said. Board members brought forward the meeting from its earlier scheduled time of midweek, one of the people said, a sign that the board feels a sense of urgency to resolve the situation.
Removal of Neumann would be an extraordinary move by investors, who have poured more than $11 billion in to WeWork over the past seven years and empowered Neumann with near-total control. Earlier this month, the company put in place a provision that would allow the board to fire Neumann. News that members of the board were pushing for Neumann’s removal was reported earlier by The Wall Street Journal and other outlets. The timing of the meeting, however, hasn’t previously been reported.