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Updated: Adam Neumann resigns as WeWork CEO

WeWork Cos. Inc. co-founder Adam Neumann is resigning as CEO of the coworking giant, but will continue as nonexecutive chairman.

The Wall Street Journal first reported the news.

The company appointed Artie Minson, formerly co-president and CFO, and Sebastian Gunningham, formerly vice chairman, as its co-CEOs, effective immediately.

Neumann said in a release that the scrutiny directed toward him in the recent weeks amid the delayed IPO of its parent The We Co. has become "a significant distraction."