WeWork adds Maurice Levy, SoftBank executives in turnaround plan

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WeWork's chairman outlined a five-year turnaround plan at a meeting with employees Friday and introduced new additions to the executive team.

The embattled real-estate company has a target to become cash flow positive by 2023 and adjusted ebitda positive by 2021, management told employees today, according to a person with knowledge of the matter.

WeWork named Maurice Levy, former CEO and chairman of Publicis Groupe SA, as interim chief marketing and communications officer, people with knowledge of the matter said.

It also hired two executives from SoftBank Group: Ralf Wenzel as chief product officer and Mike Bucy as chief transformation officer, said the people, who asked not to be identified because the staff meeting was private.

Marcelo Claure, the executive chairman, told employees that the current pair of co-chief executive officers, Artie Minson and Sebastian Gunningham, will stay on.

In an apparent acknowledgment of the all-male group of leaders, Claure reiterated that the company would take diversity into account and add a female board member in the future. A spokeswoman for WeWork parent We declined to comment.

WeWork has lost several executives in recent months as its plans to go public crumbled. The New York-based company received a rescue package from SoftBank, which will get a majority stake, and is in the process of cutting 2 400 jobs globally.

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