REUTERS: WeWork on Tuesday brought forward its target of becoming free cash flow positive by a year to 2022 as Chairman Marcelo Claure pushes ahead with his five-year turnaround plan aimed at boosting valuation and winning back investor trust.
As part of its overall plan, the company named real estate veteran Sandeep Mathrani as chief executive officer earlier this month to put the company on a profit-making trajectory. Schwartz is a former Goldman Sachs executive and has been a board member at WeWork since August 2017. Langman is a co-founder of private equity Rhone Group, which backed a US$2.9 billion real estate investment fund created in May 2019 with Canadian property investor Ivanhoe Cambridge.WeWork's board also includes Bruce Dunlevie of Benchmark Capital and Claure, who was parachuted into WeWork from SoftBank last year.
WeWork also said it expects to reach 1,000 locations worldwide by 2021 and 1 million memberships by 2023.WeWork said https://reut.rs/2UIyLy8 it expects to have US$2.5-US$3.0 billion of additional liquidity for future growth, provided it successfully meets the target on cash-flow breakeven in 2022.
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