WeWork Founder Adam Neumann has stepped down as CEO of the company.

The controversial CEO is likely to stay with the company as chairman, but he’s agreed to give up his position as CEO and will reportedly give up majority control of his company.

Neumann is leaving his position as WeWork CEO following an eventful Summer. Neumann’s startup went from being one of the most highly valued companies in the world to giving up its initial public offering (IPO) plans in a matter of months. Neumann’s troubles started when the prospectus for the company’s IPO revealed heavy losses and discrepancies in the balance of power between him and the company’s shareholders. The filing also revealed some self-dealing on Neumann’s part.

Faced with the prospect of being outed by shareholders, Neumann decided to step down on his on accord. “While our business has never been stronger, in recent weeks, the scrutiny directed toward me has become a significant distraction, and I have decided that it is in the best interest of the company to step down as chief executive. Thank you to my colleagues, our members, our landlord partners, and our investors for continuing to believe in this great business,” Neumann said in a statement issued by WeWork.