T-Mobile may become WeWork’s new boss
The office space rental business, WeWork is seeking to hire a new boss to run the business starting from January.
John Legere, the CEO of T-Mobile US, is in talks to become the next CEO of WeWork following the departure of Co-Founder Adam Neumann.
Legere has held the reins at T-Mobile US for the past seven years and is reportedly one of several candidates in the running for the WeWork job.
The search for a new WeWork chief executive comes after the business accepted a USD 10 Bn financing deal from Japanese conglomerate SoftBank. Neumann, a co-founder of WeWork, left the business as part of the investment deal with SoftBank, although he remains a board observer.
Neumann was given a USD 185 Mn consulting fee and agreed to sell USD 1Bn of stock to SoftBank as part of the deal. He also received USD 500 Mn in credit so he can pay off existing loans.
After Neumann’s departure, WeWork promoted executives Artie Minson and Sebastian Gunningham to share the CEO role. SoftBank has also installed its COO, Marcelo Claure, as the new Chairman of WeWork.
Before taking over at T-Mobile in 2012, Legere helped revive bankrupt telecom firm Global Crossing, and had successful management stints at Dell and AT&T. At T-Mobile, he took over a shrinking, fourth-place carrier and turned it into the fastest-growing player in the wireless industry for the past five years.
Legere also has strong relationships with WeWork's newly-appointed Chairman Marcelo Claure, and Masayoshi Son, the CEO of SoftBank Group. After the failed IPO, Son last month bailed out WeWork with USD 6.5 Bn, including more than USD 1 Bn for former CEO Neumann, in return for increasing SoftBank's ownership stake to 80 percent.