WeWork founder Adam Neumann is stepping down as CEO of The We Company, The New York Times is reporting. Neumann is expected to remain with the shared office startup as chairman, but he will reportedly give up majority control of the company, according to The Wall Street Journal.

Neumann is leaving his post after a roller-coaster summer where his startup went from being one of the most highly valued companies on the planet to shelving plans for an initial public offering. Neumann came under fire after the company’s prospectus filing for the IPO revealed heavy losses and a wide discrepancy in the distribution of power between him and the company’s other shareholders. The filing also shed light on some of Neumann’s alleged self-dealing, including the fact that he had trademarked the name “We” and then licensed it to his own company.

“The scrutiny directed toward me has become a significant distraction”

“As co-founder of WeWork, I am so proud of this team and the incredible company that we have built over the last decade,” Neumann said in a statement issued by the company. “While our business has never been stronger, in recent weeks, the scrutiny directed toward me has become a significant distraction, and I have decided that it is in the best interest of the company to step down as chief executive. Thank you to my colleagues, our members, our landlord partners, and our investors for continuing to believe in this great business.”

The New York Times says Neumann was pressured by board members and investors to step down, and it’s been reported that even SoftBank’s Masayoshi Son supported his removal. Two current executives, Amazon vet Sebastian Gunningham and chief financial officer Artie Minson, will serve as co-chief executives. There is no search for a new singular CEO, as has been reported elsewhere, the company tells The Verge.

Earlier today, The Information reported that bankers are pushing parent company We Company to lay off as much as a third of its global workforce, which would amount to about 5,000 workers. They’ve also reportedly floated spinning out some of the side businesses Neumann added to the company’s roster over the years, like its private elementary school, or its nascent gym chain, Rise.

Update September 24th, 2:41PM ET: Updated to note that while Gunningham and Minson will serve as co-CEOs going forward, the company says there is no search for a new, singular CEO.