WeWork has begun a quest for a new chief executive following the exit of co-founder Adam Neumann, people aware of the matter said Monday, as the U.S. workplace-sharing start-up seeks to reverse its growing losses.
WeWork’s current co-CEOs, Artie Minson and Sebastian Gunningham, have been in place since September, however, discussions indicated SoftBank, WeWork’s majority owner, is keen for a fresh move after a failed effort to go public this year.
WeWork has been discussing with several potential CEO candidates, including U.S. wireless carrier T-Mobile US CEO John Legere, the sources mentioned.
Legere is not a leading option for the WeWork CEO role, one of many sources stated. Ongoing discussions with WeWork might represent a battle, given that Legere is seeking to renegotiate with SoftBank the $26 billion merger of T-Mobile and Sprint.
The agreement is currently awaiting regulatory permission, and Legere said last week discussions were underway with Sprint to extend their merger contract. He refused to rule out requesting that the $26 billion price be reduced.
In October, SoftBank spent around $10 billion to take control of WeWork, rescuing the company from potential chapter after it failed to complete an initial public offering, which further resulted in Neumann’s exit.
Neumann, who drew criticism for his erratic management style, was changed as CEO by Minson and Gunningham, however, speculation has been widespread that the pair are only a stopgap solution.
Since assuming the office of WeWork, SoftBank has already installed its chief operating officer, Marcelo Claure, as the executive chai of WeWork parent The We Company.