SoftBank seeks help from its COO to turn WeWork around: Bloomberg
FILE PHOTO: The logo of SoftBank Group Corp is displayed at the SoftBank World 2017 conference in Tokyo, Japan, July 20, 2017. REUTERS/Issei Kato/File Photo
(Reuters) – Japan’s SoftBank Group Corp (9984.T) is seeking the help of its chief operating officer, Marcelo Claure, to turn around WeWork, Bloomberg reported on Friday.
Claure, who is also the former chief executive of Sprint Corp (S.N) and remains its executive chairman, has been asked by SoftBank Chief Masayoshi Son to take a “more hands-on role” at WeWork, according to the report, which cited people familiar with the matter.
Claure will help WeWork’s new leadership identify revenue and cost-saving opportunities, Bloomberg reported, adding that a decision on his exact role has not been made yet.
The report comes as WeWork’s parent We Company postponed its initial public offering last week after investor scrutiny over widening losses and corporate governance, as well as a business model that relies on long-term liabilities and short-term revenue.
WeWork’s directors voted on Tuesday to oust Adam Neumann as chief executive after a failed attempt to take the office-sharing startup public.
WeWork and SoftBank did not immediately respond to Reuters’ requests for comment on the report.
Reporting by Anurag Maan in Bengaluru; Editing by Sandra Maler