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WeWork names new executives, path to profitability by 2023 - report

WeWork names new executives, path to profitability by 2023 - report
FILE PHOTO: A sign is seen above the entrance to the WeWork corporate headquarters in Manhattan, New York, U.S., November 21, 2019. REUTERS/Mike Segar -
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MIKE SEGAR(Reuters)
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NEWYORK (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 <PUBP.PA>, 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.

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.

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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