- WeWork’s CEO was paid almost nothing in 2018, the corporation mentioned in its original public giving filing on Wednesday.
- Adam Neumann is really worth an estimated $four.one billion right after founding the corporation a decade in the past.
- WeWork, the $47 billion co-doing work corporation, is going public. Here is all the things we know about what is going on.
The revelation comes as The We Organization, as 10-yr-outdated WeWork is now acknowledged, filed for an original public giving.
When the company’s chief fiscal and legal officers had been paid $51,000 and $871,154 in salaries (and a further $625,000 and seven,731 in equity compensation), respectively, Neumann acquired almost nothing.
Study far more: WeWork is about to go public — Here is how its CEO, Adam Neumann, spends his billions
Neumann, 40, probably is not feeling also significantly of a hit from the lack of salary however. He is really worth an estimated $four.one billion now, a far cry from the shoe-box sized New York City apartment the place he was residing in the early 2000’s.
Neumann also owns a important vast majority of the company’s voting stock, which include 100% of its Class C shares, on major of two.three million Class A shares and 112.five million Class B shares. That implies, like lots of other tech companies which have gone public not long ago, Neumann will keep important management, although other traders who obtain stock in the IPO, will have incredibly very little say.
“Because Adam will control a majority of our outstanding voting power, we will be a “managed corporation” under the corporate governance rules for -listed companies,” the company’s regulatory filing says, omitting a particular marketplace like NYSE or Nasdaq as of now.
“Therefore, we may elect not to comply with certain corporate governance standards, such as the requirement that our board of directors have a compensation committee and nominating and corporate governance committee composed entirely of independent directors. For at least some period following completion of this offering, we intend to take advantage of these exemptions.”
He is also significant to the company’s operations, the filing warns.
“Adam Neumann … is critical to our operations,” the corporation mentioned. “Adam has been key to setting our vision, strategic direction and execution priorities. We have no employment agreement in place with Adam, and there can be no assurance that Adam will continue to work for us or serve our interests in any capacity. If Adam does not continue to serve as our Chief Executive Officer, it could have a material adverse effect on our business.”
Additional We Organization IPO information:
- The existence of Adam Neumann, the billionaire WeWork founder and CEO who’s about to get his corporation public
- WeWork is about to go public — Here is how its CEO, Adam Neumann, spends his billions
- Right here are the five most significant concerns dealing with WeWork as it prepares for its IPO
SEE ALSO: WeWork is reportedly doing work on a weird IPO framework that unlocks big tax advantages for insiders
Join the conversation about this story »
NOW View: seven lesser-acknowledged advantages of Amazon Prime