Daily Management Review

A New CEO Being Searched For By WeWork: Reports


11/12/2019




A New CEO Being Searched For By WeWork: Reports
Following the departure of its co-founder Adam Neumann, the United States based office space sharing and leasing company WeWork is now looking to identify and hire anew new chief executive, said reports quoting information from sources familiar with the matter, even as the company strives to put a plug on its increasing losses. 
 
Despite the fact that it has been only about a couple of months that the current co-CEOs, Artie Minson and Sebastian Gunningham, have been given charge of WeWork, reports suggested that the company’s majority stakeholders Japan’s investment conglomerate SoftBank is eager to make a full time appointment for the position of CEO after WeWork was forced to cancel its planned and announced initial public offering in the US in September this year.
 
According to reports quoting sources,   talks for taking up the position is being held WeWork and a number of possible candidates which includes the US wireless carrier T-Mobile US Inc CEO John Legere.
 
No comments from WeWork and T-Mobile were available over the issue.
 
According to one of the reports quoted in the reports, Legere is not a leading candidate for the WeWork CEO role. This is because negotiations between Legere and WeWork for a CEO post would amount of a conflict of interest because Legere is also currently negotiating with SoftBank for a renegotiation of a $26 billion merger of T-Mobile and Sprint Corp.  
 
Talks were ongoing with Sprint to extend their merger agreement, Legere said last week even as the deal is yet to be approved by regulators. He declined to rule out requesting that the $26 billion price be reduced.
 
An investment of $10 billion was mad last month by SoftBank to take complete control of WeWork which helped the US company to avert a possible bankruptcy after the failure to launch the IPO which ultimately resulted in the departure of Neumann.
 
After taking controlling stake of the company, SoftBank ahs placed its own candidate as the executive chairman of WeWork parent The We Company – Marcelo Claure, who was earlier the chief operating officer of SoftBank.
 
Before taking control of the company and as the largest investor of WeWork, SoftBank has been pressing the company to focus on its core business of renting out trendy office space to freelancers and enterprises and do away with the peripheral businesses that had been started by Neumann such as those in the education sector. WeWork would be divesting seven non-core businesses - Conductor, the Wing, Managed by Q, Meetup, SpaceIQ, Teem and Wave Garden., the company said in a presentation published last week. The units organize meetings, provide facilities and workplace management and marketing.
 
(Source:www.reuters.com)






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