Miguel McKelvey, who co-founded WeWork alongside Adam Neumann, is leaving the office-sharing giant at the end of June, according to a Friday staff memo reviewed by Bloomberg.
“At the end of this month, I’ll be leaving WeWork,” McKelvey wrote, describing it as one of the most difficult decisions of his life. “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.”
McKelvey, a former architect who most recently held the role of chief culture officer, thanked current and former WeWork staff for letting him “turn my daydream into my day job.”
“I’ll carry with me the past decade of meaningful memories and powerful experiences for the rest of my life,” he wrote.
The company, which commanded a valuation as high as $47 billion at the beginning of last year, attempted to go public in the summer. Just weeks later, amid corporate governance concerns, Neumann stepped down as chief executive officer. He’s now suing its main shareholder, SoftBank Group Corp., for reneging on a $3 billion share purchase agreement.
WeWork CEO Sandeep Mathrani said in a statement that McKelvey had left an “indelible mark” on the company and would be missed.
Last month, SoftBank wrote down WeWork’s valuation to $2.9 billion.
WeWork’s Valuation Has Dropped to $2.9 Billion, SoftBank Says