Just two days after Adam Neumann's exit at WeWork, the company's new CEOs are taking significant steps to trim the fat in the hopes that it will help it get back on track for an IPO later this year.
The co-working company's new CEOs are looking at ways to trim the fat in the hopes of saving WeWork's IPO.
Among the options co-CEOs Artie Minson and Sebastian Gunningham are reportedly considering include selling Adam Neumann's private jet, putting three businesses up for sale and layoffs.Artie Minson, president and chief operating officer of WeWork, speaks during the annual Milken Institute Global Conference in Beverly Hills, May 4, 2016., the company's new CEOs are taking significant steps to trim the fat in the hopes that it will help it get back on track for an IPO later this year.
To start, co-CEOs Artie Minson and Sebastian Gunningham plan to put Neumann's private jet up for sale, reported on Thursday. WeWork parent company the We Co. is said to have paid $60 million for the Gulfstream G650 last year. Since then, it has become an example of the company's excessive spending.an IPO is still on the table, Minson and Gunningham are looking at several ways to cut the company's ballooning losses, which reportedly includes layoffs and selling off three companies.
The We Co. will try to sell three companies it had acquired in the last two years, including event organizing platform Meetup, office management company Managed by Q and marketing company Conductor, according to
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