T-Mobile's John Legere could be WeWork's next CEO
What's the story
From an imploded IPO to allegations of sexism, unprofessional culture and layoffs, WeWork has faced a lot of flak lately. The company has been falling apart and one of the reasons behind this downfall is the erratic behavior and questionable leadership decisions of its now-ousted CEO Adam Neumann. And now, reports have surfaced that WeWork is looking for a new CEO. Here's more.
Talks
WeWork looking to hire new CEO: Report
Following Neumann's departure in September, SoftBank, an existing investor, bought a majority stake in the co-working company for $10 billion, saving it from potential bankruptcy. The conglomerate then appointed Artie Minson and Sebastian Gunningham as its co-CEOs, but according to people familiar with the matter, that was just a temporary solution. Evidently, SoftBank is looking for a fresh change to reverse WeWork's widening losses.
Search
T-Mobile's John Legere among potential candidates
Just recently, Reuters reported that the troubled company has already started a search for the new chief executive. It has been in talks with a number of candidates, including John Legere, who is the current CEO of US telecom giant T-Mobile. However, neither WeWork nor T-Mobile has officially confirmed the development.
Information
Plan comes just when T-Mobile-Sprint merger inches closer
Legere's name for WeWork's top spot comes just as his existing company T-Mobile inches closer to complete its acquisition of Sprint. The deal, which has been in the works since last year, will likely be finalized early next year, with Legere getting a huge payout.
Possibility
Legere might change WeWork's fortunes
While Legere's appointment is not confirmed, a high-profile candidate like him would bring a certain level of eccentricity and charisma that's needed to repair WeWork's tarnished image. Not to mention, the experience and expertise of the outspoken CEO, who shot to fame after reviving a collapsed T-Mobile, might also repair the business of WeWork, helping the company cut down losses and go public.
Joining
WeWork's new CEO might join by January 2020
Be it Legere or someone else, WeWork is hoping to see the new CEO join as soon as January 2020. It's also worth noting that if Legere is the one taking the post, it would essentially mean that WeWork's current executive chairman Marcelo Claure, who previously worked as Sprint's CEO, would be picking his former competitor to save WeWork from a looming collapse.