Masayoshi Son has personally selected SoftBank’s COO Marcelo Claure, the former CEO of Sprint to try and save WeWork. Here are some leaked highlights of what WeWork’s new chairman told anxious employees at an all-hands meeting yesterday as reported by recode.
- Poor decisions: “The size of the commitment that SoftBank has made to this company in the past and now is $18.5 billion. To put things into context, that is bigger than the GDP of my country – Bolivia – where I came from. That’s a country where there’s 11 million people.”
- On his role: “Am I going to be a hands-on leader? Absolutely. Have I committed to Masa that I’m going to be at a WeWork facility from Tuesday to Friday? 100 percent. Mondays I’m going to dedicate myself to my other businesses.”
- More changes ahead: “Let’s also be honest, the co-CEO thing, it’s an awkward situation. I mean, fair enough though, not too many companies have it. A few have made it work, a few have failed. So we’re going to have honest discussions with Artie with Sebastian, and I think more importantly, to figure out what is the right way to make this work.”
- Worth Noting: WeWork employees expressed frustration over Adam Neumann’s absurd exit package, which included a $185 million four-year consulting contract and the ability to sell up to $970 million of his shares to SoftBank. There was also palpable concern surrounding looming layoffs.