WeWork names new execs, outlines path to profitability by 2023

Photo by Charles Koh on Unsplash

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.

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.

Reuters

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.