With the recent news of WeWork CEO stepping down from his position, Artie Minson and Sebastian Gunningham have taken up the mantle of Co-CEOs in his stead. Minson has been with WeWork as its Finance Chief after holding executive positions at both Time Warner and AOL. Gunningham was one of the top players under Jeff Bexos as Amazon.
After a brutal six weeks of scrutiny following the release of WeWork’s IPO prospectus, the co-working space provider announced that Co-Founder and principal shareholder Adam Neumann is stepping down as CEO. Neumann was the face and voice of the company, but his questionable leadership style coupled with the astronomical losses WeWork was racking up created what the CEO acknowledged was a “significant distraction” for the business.
The Co-CEOs named to replace him, Artie Minson and Sebastian Gunningham, are veterans of the media and tech industries but have never held the top position at prior employers. They’re now tasked with righting a 15,000-person company that recorded more than $800 million in revenue in the latest quarter and, according to a recent press release, is generating over $4 billion in annualized sales, but lost over $600 million in the June quarter.
The IPO is now unlikely to take place this year, though it’s still a possibility, according to people familiar with the matter who asked not to be named because the plans are confidential. WeWork said in a statement that it still planned to go public in 2019.
As WeWork reworks its story for Wall Street and determines what public market investors are willing to pay, here’s what you need to know about Minson and Gunningham:
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