WeWork Chairman denies claims that former CEO Adam Neumann left with $1Bn

February 12, 2020
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Marcelo Claure, WeWork Executive Chairman, has publicly announced that former company CEO, Adam Neumann, did not leave with more than $1 billion package, which was the original estimate.

“To say that he has walked away with over a billion dollars is totally false,” said Claure, SoftBank Executive and Executive Chairman of Sprint, in an interview with Andrew Ross Sorkin.

CNBC reported in October that Neumann was set to get up to $1.7 billion to walk away from WeWork and give up his voting rights. SoftBank was to pay him up to $970 million for his shares, a $185 million consulting fee and was to offer him $500 million in credit to help repay his loans.

“There’s a tender going on right now in which Adam will have the right to participate with shareholders,” Claure said of Neumann. “He’s a large shareholder of the company, he was a founder, and as we do a tender to buys shares from other shareholders, he’s going to have the same opportunity as any other shareholder.”

Claure added that the two “rarely” talk, but Neumann will call and share his thoughts on the company.

“I think he’s very excited that the business is transitioning from high growth to a more disciplined business with accountability and with a more mature leadership,” Claure said.

Read more here

February 12, 2020

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