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A showdown looms over WeWork’s top job

Some directors and large investors in WeWork — including the company’s biggest backer, SoftBank — are discussing whether and how to oust its co-founder Adam Neumann as C.E.O., the NYT reports. But Mr. Neumann doesn’t want to go, setting up a potential boardroom battle for the ages.

The discussions arose after some big money managers refused to invest in WeWork unless the company brought in an experienced operator, according to the NYT. Their reluctance to take part in WeWork’s I.P.O. led the company to postpone the stock offering — even after reducing its valuation to as low as $15 billion, from $47 billion.

Having SoftBank on board for any insurrection is key. The Japanese tech giant has invested over $10.5 billion in WeWork. While SoftBank has tried to cultivate an image of supporting entrepreneurs, defending Mr. Neumann has become harder.

Ousting Mr. Neumann could be tricky, since he controls the company through a special class of shares. The WSJ notes that he could replace the entire board — though that would be a hugely risky move unlikely to ease investors’ concerns over the company’s stability.