WeWork’s ‘Mr Fixit’ CEO May Be Drawn from A Telecom Company
Fixer-upper WeWork’s new CEO could be T-Mobile Head, John Legere.
That’s from a report in the Wall Street Journal that says WeWork is in talks with T-Mobile CEO John Legere to appoint him as CEO.
WeWork is the troubled office-sharing start-up recently forced to shelve its IPO and shunt out flamboyant CEO Adam Neumann.
Executives Artie Minson and Sebastian Gunningham currently run the company.
SoftBank pumped in about $10 billion to help WeWork’s finances and now has control of the company. It appointed Marcelo Claure as chairman of WeWork with the responsibility to engineer a turnaround. Claure is Chairman of Sprint and is pushing through a merger with T-Mobile.
John Legere is as flashy as WeWork’s former CEO Adam Neumann
Legere is currently CEO of T-Mobile and known for his unorthodox style of management. Foul language, calling rivals by movie-comic names and dressing in magenta – all are par for his course. ‘Trash-talking,’ ‘brazen,’ ‘brash,’ ‘Batman-obsessed’ are common media descriptions for Legere.
All that can’t take away from his career achievements. A telecom veteran who worked previously with AT&T, he turned around Global Crossing, a fiber-optic network provider. At T-Mobile, he radically improved the wireless carrier’s US ranking from #4 to a stable #3.
T-Mobile paid Legere $66.5 million last year. The carrier’s share price is up a solid 240% since he assumed office in September 2012.
Not certain that the appointment will materialize
There is no guarantee that Legere will take up the mantle at WeWork. The company is also talking to other potential candidates.
But he brings with him a legacy of trouble-shooting, a proven record at T-Mobile, and the all-important connection with SoftBank through the proposed Sprint/T-Mobile merger.
Maybe WeWork will float its IPO after all.
[Related Story: WeWork CEO Adam Neumann Steps Down; Company May Cut 5,000 Jobs ]
Latest Alternative Investment News
As companies become more undervalued as the economy slows because of shutdown orders across the United States, I expect that the pace of activist activity to increase. We should see…
KKR & Co (NYSE: KKR) has shelved a plan to sell Singapore-based Goodpack, a Singapore based shipping containers, and logistics services. They had bids for the company that was said…
Kyash, a Japanese fintech startup aspiring to be a leading challenger bank, gained $45 million in a Series C funding. The round was co-led by Greenspring Associates and Goodwater Capital,…
Investors set up a record-breaking first quarter this year for inflows into U.S. money market funds. These funds gained from the massive risk-off sentiment that prevailed as investors realized the…