In another classic example of jumping ship to save your own life, WeWork continues to see a mass exodus of its leadership. Chief Marketing Officer Robin Daniels is the latest C-suite executive to leave the company, the fifth high profile exit, in a matter of weeks.
The company, which rents out office workspaces from locations across the globe, is fining itself in dire straits.
The departure comes even as WeWork flails and attempts to find enough cash to stay afloat. Just last month, WeWork’s co-founder and chief executive officer, Adam Neumann, and his wife Rebekah Neumann, another co-founder and Chief Brand Office, both quite last month after WeWork’s IPO failed to take off.
Other executives that jumped ship in the last few weeks include former Vice Chairman Michael Gross, Chief Product Officer Chris Hill, and Jimmy Asci, the chief of communications.
The company was pining a lot of hopes on the IPO to infuse fresh cash in the business and allow it to push its way out of its current predicaments. However, the IPO sunk in September, and the company is now facing the prospect of running out of money as soon as next month.
Meanwhile, amid all this uncertainty, morale among the employees is at an all time low, which is only to be expected. The company is looking at huge lay-offs in this month and the next, as it attempts to tighten its belt and cut costs. Many employees in multiple locations across the US have already stopped coming in to work as they expect to be handed a pink note.
WeWork now has its hopes pinned on a debt package from JPMorgan Chase & Co., and a $5 Bn rescue plan that Softbank is currently cobbling together. The latter has vested interests in the company and as such, is expected to bail it out of its troubles.