Week in review: WeWork, Juul Labs, Tesla, and more!
Every week we bring you an overview of the most important executive changes from around the world. Last week, WeWork’s controversial co-Founder Adam Neumann resigned as CEO following a failed IPO process. The co-working giant was initially valued at $47 billion but was forced to reduce its valuation to $10 billion due to lack of investor interest and has now aborted the process altogether. Read more about this and other notable executive changes:
Adam Neumann resigns as CEO of WeWork
WeWork's co-Founder Adam Neumann has decided to step back from his role as CEO but will continue on as non-executive chairman of the board. Artie Minson, formerly co-president and chief financial officer, and Sebastian Gunningham, formerly vice chairman, have been named co-CEOs of the company. The new co-CEOs are acting quickly, including selling off businesses and terminating key executives including Michael Gross (Vice Chairman and former CFO), Chris Hill (Chief Product Officer), and Granit Gjonbalaj (Chief Real Estate Officer).
Juul Labs hires new CEO from the parent company of Marlboro
Kevin Burns has stepped down as CEO of Juul Labs amid a growing public backlash against the e-cigarette company. A mysterious lung illness has killed seven people and sickened more than 500 others in recent months, and U.S. health officials have said that vaping among youth has reached epidemic proportions. K.C. Crosthwaite will be joining the company as CEO effective immediately. Crosthwaite previously served as chief growth officer at Marlboro maker Altria Group, which took a $13 billion stake in Juul last year.
Tesla co-founder and CTO JB Straubel is stepping down
Tesla’s co-founder and CTO JB Straubel is stepping down from his day-to-day operational duties but will stay on in a senior advisor role. He joined Tesla in 2004, one year after the company was founded, and was instrumental in developing some of the company’s most important technology, notably around batteries. It is unknown what Straubel will be doing next, but he is involved in another company called Redwood Materials which emerged in 2017. Drew Baglino, who is currently serving as vice president of technology, will take over Straubel’s duties at Tesla.
Devin Wenig steps down as CEO of eBay
eBay's CEO Devin Wenig has resigned citing disagreements with the board of directors. The company is currently conducting a strategic review of its assets, which includes StubHub and its classified ad division. Activist investors Elliott Management Corp. and Starboard Value LP became critical of the eBay's performance and called for breaking up the marketplace company. Scott Schenkel, most recently eBay's Senior Vice President, Chief Financial Officer, has been appointed interim Chief Executive Officer.
Wells Fargo poaches Charles W. Scharf from BNY Mellon as new CEO
Wells Fargo has named Charles W. Scharf as the company’s chief executive officer and president, and a member of the Board of Directors, effective October 21. Scharf replaces former CEO Tim Sloan, who resigned in March after 31 years at the bank following a scandal in which employees had created millions of fake bank accounts to meet sales quotas. Scharf was previously chairman and CEO of Bank of New York Mellon and before that served as the CEO of Visa.
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