WeWork co-CEOs will land $17M if they leave
Co-founder Adam Neumann’s $1.7B deal ruffled feathers among WeWork employees
It may not be $1.7 billion, but it’s still a pretty penny.
WeWork’s co-CEOs Artie Minson and Sebastian Cunningham will get about $17 million in exit packages if they are fired or leave WeWork, according to the Financial Times. They would each receive $8.3 million.
Jennifer Berrent, the company’s chief legal officer, would get $1.5 million if she is fired or leaves, and she would not have to pay back $12 million in retention bonuses.
Shareholders received the terms of exit packages ahead of a $3 billion tender offer from SoftBank for shares. Those documents also acknowledge that WeWork could still see a large amount of senior management turnover moving forward.
WeWork co-founder Adam Neumann’s $1.7 billion exit packages already stirred controversy, especially as the company moved to layoff thousands of employees. [Financial Times] — Eddie Small