WeWork’s ousted CEO Adam Neumann might finally find the door with a renegotiated exit package.
Neumann received a juiced-up stock award worth $245 million, on top of $200 million in cash, as part of a sweetheart exit package from the office rental company he led to disaster, regulatory filings show.
The fresh payout is part of a renegotiation of his massive 2019 exit package that sparked a long-running battle between Neumann and WeWork’s main investor SoftBank.
The new deal is meant to end the dispute and clear the way for the company’s public debut, the Wall Street Journal reported.
The payout was disclosed in regulatory filings related to WeWork’s plans to finally go public through a SPAC merger with BowX Acquisition Corp.
A woman works in a meeting room at a WeWork in London on April 13, 2021.TOLGA AKMEN/AFP via Getty Images
The filings show WeWork, now led by real estate legend Sandeep Mathrani as CEO, gave Neumann an enhanced stock award worth $245 million in February. He also received $200 million in cash and was able to refinance $430 million in debt on favorable terms.
In addition, the deal allowed a company controlled by Neumann to sell almost