SoftBank turns against WeWork’s parent CEO Neumann

Japan’s SoftBank Group Corp, the biggest investor in WeWork owner The We Company, is exploring ways to replace Adam Neumann as chief executive of the US office-sharing start-up, four people familiar with the matter said on Sunday.

The rare showdown between SoftBank and one of its biggest investments comes after We Company postponed its initial public offering (IPO) last week, following pushback from perspective investors, not just over its widening losses, but also over Neumann’s unusually firm grip on the company.

This was a blow for SoftBank, which was hoping for We Company’s IPO to bolster its profits as it seeks to woo investors for its second $108 billion Vision Fund.