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(Bloomberg) –– Adam Neumann, the charismatic entrepreneur who led WeWork to become one of the world's most valuable startups, is stepping down as chief executive officer, said a person briefed on the decision, after a plan to take the company public hit a wall.

Members of WeWork's board have been pressuring Neumann in recent days to step aside, taking a new role as non-executive chairman and help salvage an IPO.