WeWork co-chiefs would reportedly each earn $8.3 million if ousted – Business Insider
Documents obtained by the Financial Times reportedly show that WeWork’s new co-CEOs, Artie Minson and Sebastian Gunningham, will earn $8.3 million each if they are fired or leave otherwise.
WeWork’s chief legal officer, Jennifer Berrent, would also reportedly receive $1.5 million if ousted and would not have to repay $12 million of retention bonuses that could have been retrieved under her previous contract.
The new exit packages were reportedly negotiated as WeWork was taken over by SoftBank.
WeWork’s cofounder and previous CEO, Adam Neumann, had already made news for receiving a $1.6 billion exit package even as the company had to scale back its global expansion and let thousands of employees go.
The Financial Times reports that WeWork would pay out nearly $17 million to its new cochief executives should they be fired or leave under circumstances including diminution of their duties, cuts to their pay, or involuntary relocation.
Co-CEOs Artie Minson and Sebastian Gunningham took over WeWork after its cofounder and CEO, Adam Neumann, stepped down, receiving a $1.6 billion exit package.
Artie Minson, left, and Sebastian Gunningham.
We Company; Samantha Lee/Business Insider
The Financial Times reported last week that Neumann could earn hundreds of millions of dollars more under a revised agreement that altered the terms of his remaining financial interests in the company. Berrent’s revised contract also reportedly means she would not have to repay $12 million worth of retention bonuses after leaving, something she could have had to do previously.
Details of the revised exit packages were sent to shareholders and employees, the Financial Times said. The documents also reportedly said WeWork “may continue to experience [a] significant amount of turnover of senior management.”
Minson and Gunningham initially took $1.5 million salaries in September, and they now report to Marcelo Claure, the SoftBank executive who was appointed executive chairman of WeWork. Berrent saw her salary fall to $600,000 from $871,000 the previous year.