Good Wednesday morning. (Was this email forwarded to you? Sign up here.)

WeWork begins life with new leadership

After the news yesterday that Adam Neumann had stepped down as the co-working company’s C.E.O. following a near-revolt from some of his own directors, WeWork must pick up the pieces and restore confidence in its business. It won’t be easy.

Mr. Neumann agreed to relinquish his C.E.O. title and become nonexecutive chairman, the NYT scooped yesterday. He also agreed to reduce the voting power of his shares to three-to-one, from 10-to-one. The company appointed two current executives, Sebastian Gunningham and Artie Minson, as co-C.E.O.s.

It’s a remarkable end to Mr. Neumann’s run. His charisma turned WeWork into a force in real estate with a meteoric growth rate. But his unpredictability and grandiose ambitions scared potential investors, which drove the company to postpone an I.P.O. and ultimately consider replacing him.

His ouster may force a reckoning at several longtime WeWork backers:

• JPMorgan Chase had long courted both the company and Mr. Neumann as clients, Andrew notes in his latest column. That gave the bank deep insights into WeWork — and should have given it pause about potential conflicts of interest like certain deals that Mr. Neumann cut with the company.