WeWork is in talks with T-Mobile CEO John Legere to take over the leadership role after former boss Adam Neumann was forced out, following reports of erratic workplace culture and a failed initial public offering (IPO) attempt, according to a report by The Wall Street Journal.
The parent company of WeWork is searching for someone who can bring some stability to the office-sharing company and help it move forward. WeWork was recently bailed out by SoftBank Group as its cash reserves were near emergency levels. The investment firm purchased a majority stake in the company and basically pushed Neumann out.
The office startup wants someone in the CEO role as soon as January, but there’s no certainty that Legere will take the job, or if it will be accepted by someone else.
Legere is currently in the trenches with T-Mobile over a proposed purchase of Sprint, which was approved by federal officials but suffered a setback when some state attorneys general sued over potential antitrust violations related to the merger.
Legere is an unusual CEO — he uses Twitter frequently and is always wearing the company’s signature magenta. He uses foul language and talks trash about his rivals, but he has been good for the telecom company, steering it to the No. 3 spot and growing it significantly.
Artie Minson and Sebastian Gunningham, two WeWork executives, have been acting as CEOs during the search. Executives want to find a high-profile successor, like Legere, to right the ship and potentially go public at some point in the future.
WeWork’s parent company had revenue of $1.8 billion last year, and its most recent valuation placed it at around $8 billion. This places it well beneath T-Mobile, which saw a revenue of $43 billion and a market cap of almost $70 billion.
Legere made $66.5 million last year at T-Mobile, and if the company met some specific performance targets, he would get $109 million. His contract was extended through April 30 of next year.