WeWork’s New CEOs Tell Clients Not to Worry After Bumpy Weeks

(Bloomberg) -- WeWork’s new bosses delivered a message to clients: There’s no reason to worry.

“Over the past weeks, you may have heard news culminating in recent leadership changes here at WeWork,” Artie Minson and Sebastian Gunningham, who took over as co-chief executive officers of We Co. last week, wrote in a note to members. “We write today to reassure you that we’re as committed as ever to you and to delivering a great experience every day.”

The company is dropping some plans for new space and looking to shed some stakes in other ventures as the new chiefs seek to shore up WeWork’s finances after investor concerns led to a scrapped initial public offering and the exit of co-founder Adam Neumann from the top job. The CEOs are also seeking new funding as the company is set to run out of cash as soon as next spring at its current pace of spending.

“Over the weeks ahead, we’ll share as much information as we can about our plans to continue growing together” the note reads. “But today, we just want to say thank you. We couldn’t have gotten this far without you, and we’re excited for this next chapter together.”

A WeWork spokeswoman declined to comment on the note.

To contact the reporter on this story: Gillian Tan in New York at gtan129@bloomberg.net

To contact the editors responsible for this story: Michael J. Moore at mmoore55@bloomberg.net, Mark Milian

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