- WeWork included a plan for succession in its IPO filing on Wednesday, and it involves CEO Adam Neumann’s “strategic thought partner,” wife Rebekah Neumann.
- The plan puts Rebekah Neumann at the helm of a committee with two board members charged with selecting a new CEO in the case Adam is permanently disabled or deceased anytime within 10 years of the IPO’s completion.
- Rebekah is a cofounder, as well as chief brand and impact officer, of WeWork. She is also the founder and CEO of WeGrow, the “conscious entrepreneurial school” for children ages 2 to 11 under the We Company umbrella.
- Read all of BI’s WeWork coverage here.
- Read all of Business Insider’s WeWork coverage here.
WeWork, the co-working space startup with a $US47 billion valuation, publicly filed for its IPO on Wednesday morning, and it gave us the best look yet inside the company – including the role CEO Adam Neumann’s wife Rebekah plays in the company.
WeWork’s filing includes a game plan for the succession of its next CEO in the case “Adam is permanently disabled or decreased during the ten-year period commencing upon the completion of this offering.”
The plan puts Rebekah Neumann at the helm. She would be one of a two or three-member committee, including board members Bruce Dunlevie and Steve Langman, who would select the new CEO. The committee’s decision must be unanimous in order to appoint a new CEO.
If neither Dunlevie nor Langman is serving on the board of directors at that point, Rebekah would select one to two alternate board members. If both Rebekah and Adam are unable to participate in the selection, the trustee of their estate will step into Rebekah’s shoes as far as selection decisions, according to the filing.
The filing says that “by the third anniversary of the closing of this offer, Adam will propose a succession plan relating to the period beginning from and after the ten-year anniversary of this offering.”
Rebekah is the cofounder, as well as chief brand and impact officer, of WeWork. She is also the founder and CEO of WeGrow, the the “conscious entrepreneurial school” for children ages 2 to 11 under The We Company umbrella.
The filing discloses that WeWork has never paid Rebekah a salary, and that Adam no longer earns a salary – he received no salary in 2018, and only was paid $US1 in 2017.
WeWork’s public filing reveals the company’s spiraling losses. During 2016, WeWork lost $US429 million on $US436 million in revenue. The following year, that loss increased to $US890 million on $US886 million in revenue. For the full year 2018, WeWork lost $US1.6 billion on $US1.8 billion in revenue. Most recently, for the first six months of 2019, the firm posted a loss of $US690 million on $US1.5 billion in revenue.
- Read more of Business Insider’s WeWork coverage:
- WeWork just filed to go public – Check out the company’s journey from one SoHo building to a $US47 billion valuation
- WeWork’s founder and CEO didn’t take a salary last year as the company prepared for its massive IPO
- WeWork is going public with an extremely weird, complicated structure
- The life and career rise of Adam Neumann, the billionaire WeWork founder and CEO taking his company public
- WeWork is just one of the businesses owned by the $US47 billion company that just filed for its IPO – check out the full list
- WeWork just filed for its IPO, and revealed a lengthy list of risk factors that investors should be aware of
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