blog

WeWork Reveals 90-Day Turnaround Plan, Hunts For New CEO

Written by CRETech | Nov 18, 2019 12:00:12 PM

WeWork is eager to turn the page on its now-infamous IPO bid and the ouster of co-founder Adam Neumann. Fresh off its rescue at the hands of new majority owner SoftBank Group, the company released a 50-page, "90-day game plan" on its website. It shared the plan to reverse its spiraling fortunes after presenting it to investors in October, CNBC reports. The primary focus of the plan is to divest from all "non-core businesses" and trim its employee numbers. WeWork will look to sell such investments as female-focused coworking operation The Wing, social gathering network Meetup and Wave Garden, a wave pool-making company for which WeWork's investment was considered an example of Neumann's capricious decision-making at the company's helm, CNBC reports. In its presentation, WeWork referred to such moves as "founder-driven" and "distracted."