WeWork co-founder McKelvey to leave company by June end- Technology News, Firstpost

(Reuters) – WeWork co-founder Miguel McKelvey will leave the company at the end of June, a spokesman for the troubled office-sharing start-up said on Friday.

McKelvey’s exit comes as WeWork, majority owned by SoftBank Group Corp, was hit hard by the COVID-19 pandemic which affected its core business and weighed heavily on its occupancy rates.

“After 10 years, I’ve made one of the most difficult decisions of my life … at the end of this month, I’ll be leaving WeWork,” said McKelvey, who founded WeWork with Adam Neumann in 2010.

Since taking over as WeWork’s chairman, SoftBank executive Marcelo Claure has overhauled the office-sharing startup’s top management and brought in several executives including CEO Sandeep Mathrani, as part of his broader strategy to turn around WeWork.

Since Claure took over, a number of top executives including co-CEOs Artie Minson and Sebastian Gunningham have also left the company.

WeWork has gone through a tumultuous period since abandoning its initial public offering in September and was forced to push out co-founder Adam Neumann last year, after SoftBank and other shareholders turned on him over his management style, his numerous conflicts of interest and his handling of the IPO.

SoftBank is currently embroiled in a legal dispute with a special committee on WeWork’s board comprising two board members, Bruce Dunlevie and Lew Frankfort, after the Japanese company backed out of a $3 billion tender offer that was part of its bailout package for the startup.

The WeWork board last week appointed another special committee comprising new board members Alex Dimitrief and Frederick Arnold to decide on the validity of the previous special committee.

To date, SoftBank has invested more than $13.5 billion in WeWork.

(Reporting by Noor Zainab Hussain and Anirban Sen in Bengaluru; Editing by Shounak Dasgupta)

This story has not been edited by Firstpost staff and is generated by auto-feed.

Find latest and upcoming tech gadgets online on Tech2 Gadgets. Get technology news, gadgets reviews & ratings. Popular gadgets including laptop, tablet and mobile specifications, features, prices, comparison.



Source link

Latest

Nakedness Is Everywhere in Fashion, Even the Heel of a Shoe

All fashion week, we will be spotlighting the small...

How War in Ukraine Roiled Russia’s ‘Coolest Company’

What a difference a war makes.Just a few months...

England v Austria: Women’s Euro 2022 kicks off – live!

Key events:Show key events only66 min: Kelly takes it...

Assam Flood Situation Improves; 2 More Die, 9.68 Lakh Affected

The flood situation in Assam continued to improve on Wednesday although two more persons lost their lives taking the toll to 186 and over...

No one comes back to form while resting: Irfan Pathan’s cryptic tweet after India name squad for West Indies series

After the Board of Cricket Control in India (BCCI) announced the 16-member squad for the upcoming three-match ODI series in West Indies former Indian...