Maurice Levy named interim CMO of WeWork as part of larger turnaround plan
Levy, 77, is one of four new C-suite executives installed by WeWork chairman Marcelo Claure, who apparently addressed staff Friday (22 November) to detail a go-forward plan for the company to be cash-flow positive by 2023.
WeWork also plans to be cash-flow positive by 2023
WeWork, which confirmed Thursday layoffs of 2,400 employees, will apparently re-focus its business around disrupting “the legacy real-estate office space” model, according to a leaked internal presentation.
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The co-working company plans to double its locations in the next 10 months and predicts to have more than one million members by next year, according to Business Insider.
WeWork will apparently operate around six business principles moving forward that include improving member and employee experience, ensuring each building is profitable, and generally operating with “cash-conscious-owner” mentality.
Artie Minson and Sebastian Gunningham, who took over as co-chief executive officers following the departure of founder Adam Neumann, will remain in their roles.
Mike Bucy has been named chief transformation officer; Matt Jahansouz has been named chief people officer; and Ralf Wenzel has been named chief product and experience officer. Levy was the only executive given the interim title.
WeWork declined to comment on the company’s reported hirings and the new business plans.
Claure apparently assured employees that WeWork will focus on hiring diverse talent in the future after installing an executive board of all men. GroupM has recently come under fire for similar hiring practices.