Wework names four new executives and outlines six-point plan for profitability by 2023
Wework has named four men to take on executive roles at the firm and outlined a six-point path to profitability.
The office-space operator said it will not be cash flow positive until 2023.
Read more: New York State attorney general reportedly investigating Wework
Executive chairman Marcelo Claure, told Business Insider the company’s attributes are in real estate, departing from its past representation as a technology company.
The chairman of ad agency Publicis Groupe SA, Maurice Levy, has been named the interim chief marketing and communicators officer.
While new chief product and experience officer, chief transformation officer and chief people officer were all also named.
Claure told an all-staff meeting that one of the company’s six “pillars” was member and employee experience, a “core differentiator” of the company.
He also said Wework would be “a more accountable organisation.”
The meeting came just one day after the company announced it would be laying off 2,400 employees.
As part of its six-point plan Wework will continue to focus on its top 12 markets, which includes New York and London, while the next 16 largest markets will be explored for its revenue-sharing agreements with landlords.
Read more: Wework lays off 2,400 employees in Softbank led efficiency drive
The company plans to continue expanding its joint ventures throughout Asia and the Pacific, while franchising will be the future focus in emerging markets.
In Asia and the Pacific, WeWork will continue expanding its joint ventures, and in emerging markets franchising will be the future focus.