Maurice Lévy, celebrated former CEO of Publicis Groupe, left WeWork just three months after taking on the role of interim chief marketing officer, the company confirmed to Adweek today.
Lévy joined WeWork in November following the departure of CMO Robin Daniels. The announcement came the day after the real estate company laid off 19% of its staff—just the latest blow in a long line of difficulties for WeWork.
While WeWork was once valued at $47 billion, it’s become synonymous with startups that rise quickly only to lose billions in venture capital dollars. The company was bailed out by SoftBank after a botched IPO in September, and former CEO Adam Neumann stepped aside. Sandeep Mathrani took over as chief executive in February, in another attempt to turn the beleaguered company around.
But then the coronavirus pandemic hit, forcing people around the world out of their workspaces and into their homes, only amplifying the company’s troubles. In a March 26 investor update, the startup said it expected to be on track for its 2024 goals, even while facing the challenges introduced by the pandemic.
Then, on April 1, SoftBank pulled a $3 billion tender offer, citing criminal and civil probes into the company, Reuters reported.