The tide is turning against WeWork’s charismatic and controversial chief.

A contingent of board members and big investors including SoftBank are angling to remove CEO Adam Neumann from the helm of We Company, the parent of the struggling office-sharing startup, according to the Wall Street Journal.

Directors are planning to prod Neumann to step down at a meeting Monday, offering him the role of non-executive chairman, according to the WSJ report. A new chief executive would be brought in to spearhead a renewed attempt at an initial public offering.

Neumann has made headlines recently for his eccentric behavior and drug use — including a report of a trans-Atlantic private jet trip last summer which left him stranded in Israel after the plane’s owner recalled the plane when the crew found a “sizable chunk” of marijuana hidden in a cereal box onboard.

The company’s recently botched attempts to pursue an IPO have resulted in its valuation plummeting from $47 billion to as low as $10 billion, according to reports.

Foremost among unhappy investors is SoftBank, the Japan-based tech conglomerate that is the company’s largest backer, having pumped $11 billion into the San Francisco company that rents shared office space to entrepreneurs and small businesses. The pot incident in particular didn’t sit well with SoftBank CEO Masayoshi Son, according to the Journal.

WeWork’s IPO plans have been plagued by criticisms of the company’s earnings prospects and corporate governance under Neumann. Earlier this month, he was forced to hand back a payment of nearly $6 million he took after selling the company the trademark for the word “We.”

Neumann, however, maintains voting control over WeWork, and has the shares necessary to fire the board if he so chooses.

The company earlier this month amended its IPO filing to make it more palatable to investors who have voiced concerns about Neumann’s outsize power at the company. Changes included cutting the voting power of Neumann’s shares by half.

Having burned through $2.4 billion in cash in the first half of the year, WeWork requires a fresh injection of funds and had been looking to raise between $3 billion and $4 billion in the IPO.