WeWork Japan replaces CEO days after WeWork founder resignation

This post was originally published on this site


TOKYO (Reuters) – WeWork Japan on Wednesday named a new head of local operations, just days after WeWork co-founder Adam Neumann stepped down as CEO of parent The We Company following a botched IPO attempt.

Kazuyuki Sasaki moves from managing director to CEO of WeWork Japan, a joint venture from WeWork and its biggest backer SoftBank Group Corp (T:), the company said in a statement.

Sasaki replaces Chris Hill, who has served as CEO since WeWork entered Japan in 2017, in the latest shakeup at the startup which pulled its IPO following investor scepticism over its valuation and corporate governance.

The money-losing startup is looking to trim its workforce and slow expansion to preserve cash as it seeks alternative sources of funding, sources have told Reuters.

WeWork Japan has grown to 21 in 5 cities in just 20 months, in part by filling seats with SoftBank employees, with WeWork also designing the tech conglomerate’s new Tokyo headquarters.

WeWork is a cornerstone bet for SoftBank’s Vision Fund, which after burning through most of its first $100 billion fund is currently fundraising for a second.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Add Comment