The appointment of former Publicis CEO Maurice Levy, as the interim Chief Marketing and Communications Officer of WeWork, has come after the coworking giant announced that it was laying off 2,400 employees. 

As WeWork is undergoing financial troubles, it hopes that with the hiring of Levy, there is a chance for the brand’s name to be turned around. Apart from Levy, WeWork also hired Ralf Wenzel as Chief Product Officer and Mike Bucy as Chief Transformation Officer, who previously worked with Softbank Group. Moreover, WeWork promoted Matt Jahansouz to Chief People Officer. Jahansouz had joined the company earlier this year from Goldman Sachs Group Inc. 

WeWork’s previous CEO, Adam Neumann, who stepped down from his role in late September, saw the brand struggle to crack the code of profitability. Last year, WeWork was valued at $47 Bn while it posted a loss of $1.25 Bn this last quarter. 

Key takeaway 

Amidst the multiple layoffs and restructuring taking place at the firm that once redefined the co-working space landscape, the addition of new expert executives along with a major change in the leadership could lead to a much-needed improvement in the brand. 

Image source: Financial Times