What’s going on:
Manoj Kohli, former country head of SoftBank India and SoftBank Group International, has joined WeWork India as an independent director to its board, according to CNBCTV18. It was announced that Anthony Yazbeck, president and chief operating officer of WeWork Inc., will also join the board.
Why it matters:
WeWork is a major player in the coworking industry, but it’s no secret that the company has been struggling with financial challenges. The company’s share price now hovers under 30 cents, and it faces the possibility of being delisted from the New York Stock Exchange.
Recently, WeWork announced that CEO Sandeep Mathrani is stepping down from his leadership role within the company. The new appointments at WeWork India indicates the company’s focus on strengthening its leadership team and gaining valuable insights from industry veterans in a growing market. Kohli has an extensive background in technology, telecommunications, and business strategy that may contribute to WeWork’s growth and strategic decision-making.
This move highlights WeWork’s commitment to revitalizing its operations and enhancing its position in the coworking and flexible workspace industry globally.
How it’ll impact the future:
WeWork’s decisions are influential in the coworking industry. Moves that the company makes may influence how investors feel about the industry as a whole. The company’s commitment to revitalizing its operations and rebuilding trust following past challenges demonstrates its plans to grow its operations this year. WeWork India has over 6.5 million square feet of assets, according to BQ Prime.
Kohli’s appointment signifies a step towards enhancing corporate governance and leveraging industry expertise. The move could help WeWork refine its business model, adopt innovative strategies, and create more attractive and adaptable work environments for the changing needs of professionals. The move also shows the growing demand of coworking and flexible workspaces in India.