WeWork Adds Maurice Levy, SoftBank Executives in Turnaround Plan

WeWork’s chairman outlined a new five-year turnaround plan in a meeting with employees on Friday, explaining how the troubled co-working company aims to stem the losses following a botched initial public offering attempt. He also announced several new additions to the executive team.

After brushes with insolvency earlier this year, WeWork is now shedding units and cutting jobs, and will focus more narrowly on its central business as part of the new roadmap. The company lost more than $1 billion last quarter, and now has a target to become cash-flow positive by 2023 and to deliver positive adjusted earnings before interest, taxes, depreciation and amortization by 2021, management told employees Friday, according to people familiar with the matter.