“At the end of this month, I’ll be leaving WeWork,” wrote Miguel McKelvey, WeWork’s co-founder and chief culture officer, in a LinkedIn post.
The news comes after the the firm’s CEO and co-founder, Adam Neumann, left the firm last year.
WeWork co-founder Miguel McKelvey / Photo credit: Tech in Asia
Before McKelvey’s exit, Neumann had stepped down from his role following WeWork’s failed attempt at going public last year. He was then replaced by Artie Minson and Sebastian Gunningham as co-CEOs, until Sandeep Mathrani was appointed CEO early this year.
“While it’s hard to leave, and I know there is a lot more work to be done, I could only make this decision knowing this company and our people are in good hands,” McKelvey added.
The development comes amid the SoftBank-backed company’s ongoing five-year strategic and financial plan, which includes goals of becoming free cash flow-positive by 2022 and reaching about US$1 billion of free cash flow by 2024.
The plan was laid out in March 26 this year under the leadership of Mathrani and Marcelo Claure, executive chairman of WeWork and current CEO of SoftBank.
Separately, WeWork said it will be investing US$100 million in its India operations. WeWork India plans to use the funds for “focused growth” locally over the next 36 months, according to a Reuters report.
Earlier in May, WeWork India laid off 100 employees, representing about 20% of its total workforce in the country, in an effort to save cash amid the pandemic.
Editing by Charmaine de Lazo
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