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

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 (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.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.