WeWork names new executives, path to profitability by
2023: report
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[November 23, 2019] NEW
YORK (Reuters) - WeWork named four men to executive roles on Friday and
outlined a six-point path to profitability, though the money-losing
flexible office space operator said it will not be cash flow positive
until 2023, according to a media report.
Marcelo Claure, a SoftBank executive who was named executive chairman at
WeWork one month ago, emphasized the company's attributes as real estate
concern, a departure from its past representation as a technology
company, Business Insider said.
Maurice Levy, chairman of ad agency Publicis Groupe SA, was named
interim chief marketing and communications officer. A new chief product
and experience officer, chief transformation officer and chief people
officer were also named.
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Addressing an all-staff meeting a day after WeWork said it would lay off
2,400 employees, Claure said one of the company's six "pillars" was
member and employee experience, a "core differentiator" of the company.
Members are WeWork customers.
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A WeWork logo is seen outside its offices in San Francisco,
California, U.S. September 30, 2019. REUTERS/Kate Munsch/File Photo
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Claure also said WeWork would be "a more accountable organization."
WeWork plans to focus on its top 12 markets, including New York and London, and
in the next 16 largest markets it will explore revenue-sharing agreements with
landlords.
In Asia and the Pacific, WeWork will continue expanding its joint ventures, and
in emerging markets franchising will be the future focus.
(Reporting by Herbert Lash; Editing by Sonya Hepinstall)
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