WeWork's two CEOs have not officially stated any plans to resign but with SoftBank now in control of the company through a $9.5 billion rescue package announced on Tuesday, a change at the top is a strong possibility. If that were to happen,will each be able to count on multi-million dollar golden parachutes to carry them away.
SoftBank's deal with WeWork gives it 80% ownership of of the money-losing office sharing company. SoftBank is reportedly looking at major layoffs across the company, in addition to removing leadership, as it hopes to turn the company profitable.
Minson and Gunningham were appointed co-CEOs on September 24 following the ouster of WeWork's cofounder Adam Neumann as the startup struggled to pull off a planned IPO. Neumann, for his part, is set to walk off with $1.7 billion as part of the rescue package from SoftBank, a portion of which is earmarked as a consulting fee SoftBank will pay to Neumann.
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Isn’t it always!? The top gets the big pay and the bottom gets screwed!
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