NEW YORK: The We Company, parent of money-losing shared office provider WeWork, which last year yanked plans to go public after harsh criticism over its business model and erratic management, is dropping the"we" moniker to revert to its better-known name, according to an internal memo seen by Reuters.
Neumann faced criticism when the company disclosed he had trademarked the brand and received a US$5.9 million payment from WeWork for its use. WeWork, which has been slammed by the coronavirus-induced recession like many other businesses, has said it will become profitable by the end of 2021.Sandeep Mathrani, the new CEO, said in the memo announcing the name change to employees that the move is another step in returning the company to WeWork's roots.
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