New story
Ilya St
November 12 14:22

WeWork sued over an ousted CEO’s “golden parachute”

WeWork’s shareholder and ex-employee Natalie Sojka took the company to court. Her main concern is a US$1.7 billion “golden parachute” of service co-founder Adam Neumann 
Sojka stated, that Neumann and WeWork investor SoftBank of mishandling their office’s power and hurting the interests of other shareholders. She believes, that a large compensation will seriously impact everyone’s financial situation. WeWork described Sojka’s claims as "meritless".
Neumann's late career in the company has been controversial. He left his post as a CEO in September. The most notable part of his “legacy” is WeWork’s damaging failure to increase its revenue via a stock market. When this plan failed, WeWork received a large investment from SoftBank, which came with a detailed exit plan for Neumann, which was approved by the board despite the company’s financial difficulties.
WeWork is currently planning a more lean model of operations and is expected to cut thousands of jobs. The value of company’s shares is steadily declining.