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New York

WeWork co-CEOs will land $17M if they leave

Co-founder Adam Neumann’s $1.7B deal ruffled feathers among WeWork employees

WeWork co-CEOs Sebastian Gunningham and Artie Minson (Credit: Getty Images and Twitter)

WeWork co-CEOs Sebastian Gunningham and Artie Minson (Credit: Getty Images and Twitter)

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

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Tags
Adam NeumannSoftbankWeWork

TRENDING

Outsider wins Flatiron Building after bidding war with Gural Outsider wins Flatiron Building after bidding war with Gural Extell lands $500M inventory loan at Central Park TowerExtell lands $500M inventory loan at Central Park TowerCitizens oversight board named to manage ULA transfer taxCitizens oversight board named to manage ULA transfer taxEx-Bespoke exec alleges racial discrimination, harassmentEx-Bespoke exec alleges racial discrimination, harassment
New York

WeWork co-CEOs will land $17M if they leave

Co-founder Adam Neumann’s $1.7B deal ruffled feathers among WeWork employees

WeWork co-CEOs Sebastian Gunningham and Artie Minson (Credit: Getty Images and Twitter)

WeWork co-CEOs Sebastian Gunningham and Artie Minson (Credit: Getty Images and Twitter)

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

Read more

Tags
Adam NeumannSoftbankWeWork