Friday 28 May 2021 8:32 am

Neumann’s WeWork exit package increases with $245m in potential stock

Former WeWork boss Adam Neumann is set to emerge from his separation with the company with an extra stock award worth $245m.

Neumann has also received almost $200m in cash after renegotiating the terms of his 2019 exit agreement.

The shares come on top of an already generous package for Neumann, who gave up his role in exchange for the ability to sell around $480m in stock to the company’s backer SoftBank.

The lucrative package, first reported by The Wall Street Journal, comes before WeWork’s highly anticipated stock market debut this year.

The real estate firm had originally attempted to go public in 2019, but the move collapsed over concerns about Neumann’s leadership style.

WeWork has since gone through a shakeup that has seen employees cut by two thirds since 2019 and businesses sold off.

The company posted a £1.45bn first quarter loss last week, while its quarterly revenue almost halved from a year ago to $598m.