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WeWork's Neumann steps down as SoftBank seeks to save investment

Controversial co-founder to stay on as non-executive chairman

NEW YORK -- Adam Neumann, co-founder of the SoftBank Group-backed startup WeWork, has relinquished his role as CEO, the co-working company said Tuesday.

The "scrutiny directed toward me has become a significant distraction, and I have decided that it is in the best interest of the company to step down as chief executive," Neumann, who will stay on as non-executive chairman, said in a statement.

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