WeWork’s other cofounder Miguel Mckelvey
“After 10 years, I’ve made one of the most difficult decisions of my life — one that I’m not even sure has sunk in just yet,” McKelvey, the company’s chief culture officer, wrote in an email to staffers obtained by CNN Business. “While it’s hard to leave, and I know there is a lot more work to be done, I could only make this decision knowing this company and our people are in good hands.”
But its IPO was ultimately derailed by a wave of concerns about its mounting losses and questionable corporate governance practices. The company’s valuation, which once soared as high as $47 billion, collapsed to roughly $8 billion when SoftBank agreed to bail out the company last fall.
“Miguel’s dedication to establishing a community that fosters connection and compassion has helped build a business that recognizes and celebrates inclusivity, authenticity, learning, and growth,” said WeWork’s CEO Sandeep Mathrani in a statement. “He has left an indelible mark on this company and he will be missed.”
“Looking back to when we started in 2010, I am reminded that the world needed us so much then. Workplaces that focused on what we need as human beings were few and far between,” wrote McKelvey in the email. “And while we have changed the world together — making the WeWork way both the standard, and the vanguard — we again face an extraordinary opportunity to lead the world forward. The world needs WeWork now more than ever.”