The coworking giant attempted to address some of the questions in its IPO filing. Analysts and investors were largely unimpressed with its answers.
But there was more. In one of the risk factors, the company warned that it didn't have an employment agreement with Neumann, but said that"our future success depends in large part on [his] continued service," calling him"critical to our operations."
"From the day he co-founded WeWork, Adam has set the Company's vision, strategic direction and execution priorities," WeWork said in the filing."Adam is a unique leader who has proven he can simultaneously wear the hats of visionary, operator and innovator, while thriving as a community and culture creator."
Neumann has since agreed not to purchase any additional properties with the intent to lease them to WeWork, the company said. Wanting to address any conflicts of interest with the past transactions, he and the companyprimarily owned by WeWork that will manage his interests in 10 properties, including four leased by the company. The fund has an option to buy the properties for a year.
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