Adam Neumann, the charismatic entrepreneur who led WeWork to become one of the world's most valuable startups, stepped down Tuesday 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 nonexecutive 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.
"While our business has never been stronger, in recent weeks, the scrutiny directed toward me has become a significant distraction," Neumann said in a statement. "I have decided that it is in the best interest of the company to step down as chief executive."