WeWork CFO Departs After Six Months in the Role

New York-based WeWork said Ms. Ross is leaving for personal reasons, and would be stepping down at the end of the month but stay on until the end of October to aid with the transition.

Newsletter Sign-up CFO Journal The Morning Ledger provides daily news and insights on corporate finance from the CFO Journal team. WeWork has been working to slash costs and shed assets after it pulled its planned initial public offering last year. It burned through $671 million in cash in the second quarter, or nearly half of what it recorded in cash burn in the fourth quarter of 2019, which—at $1.3 billion—was the company’s highest.

The company’s IPO was scuttled following a cut to its valuation and concerns about its ability to turn profitable under co-founder and former Chief Executive Adam Neumann. WeWork almost ran out of cash before SoftBank Group Corp., a large shareholder, stepped in and pledged billions in funding.

He wasn't any good. Otherwise he would have realized WeWork was unsalvageable within a couple of weeks.

I mean, I knew this would happen. This company was building so many locations in San Francisco. Now nobody is working in offices, especially at We Work.

Wonder what she saw in the financials? 🤔

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