WeWork founder Adam Neumann has stepped down as chief executive as doubts grew over the fashionable office-sharing start-up's IPO.
The entrepreneur had been under pressure over what was billed as one of the biggest stock market flotations of the year.
His New York-based company needs to raise cash after running up $6 billion of debt to buy an empire of commercial properties in which businesses rent desk space. WeWork has a property in George Street, Edinburgh.
But major investor SoftBank pushed for Neumann's resignation after its IPO prospectus failed to convince that it could make a profit and that it had loaned money to the CEO himself.
Artie Minson and Sebastian Gunningham become joint chief executives taking care of the finance and business sides of the firm while Neumann becomes non-executive chairman.
Neumann is thought to have taken a hit when Edinburgh energy firm Faraday Grid went bust in August, seven months after he announced a £25 million investment.
