(Bloomberg) -- As WeWork, the beleaguered office-sharing startup, prepares to fire thousands of rank-and-file staff to cut costs, its board has agreed on severance packages for its co-CEOs if they leave, according to people with knowledge of the matter.

In the past week, WeWork’s board signed off on exit deals for Artie Minson and Sebastian Gunningham in the multimillion-dollar range, said one of the people, who requested anonymity because the agreements are private. The severance arrangements were negotiated as SoftBank Group Corp. bailed out the company and on Tuesday named one of its executives, Marcelo Claure, as WeWork’s executive chairman.

For now, Minson and Gunningham are committed to WeWork, according to one of the people. They were appointed last month when co-founder and former CEO Adam Neumann stepped down following the company’s withdrawal of a planned initial public offering.

Late Tuesday, WeWork secured a $9.5 billion lifeline, and Neumann gave up his board seat. He is set to walk away with as much as $1.2 billion in WeWork stock, a $500 million credit line from SoftBank and a roughly $185 million consulting fee, people familiar with the matter have said.

WeWork delayed layoffs earlier this month because it couldn’t afford the severance costs, the Wall Street Journal has reported.

Representatives for WeWork and SoftBank didn’t immediately respond to a request for comment. SoftBank is set to launch a CEO search, the New York Times and Axios have reported.

--With assistance from Sridhar Natarajan.

To contact the reporter on this story: Gillian Tan in New York at gtan129@bloomberg.net

To contact the editors responsible for this story: Alan Goldstein at agoldstein5@bloomberg.net, Rob Urban, Christine Maurus

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