WeWork continues to fill out its executive ranks, possibly in preparation for a future IPO. Today, the company told press that Shiva Rajaraman, who previously worked on video projects at Apple, has joined WeWork as its chief product officer.
CEO Adam Neumann said in July his company will go public, but he’s been mum about when. Still, an IPO seems like it might be just on the horizon. In the last year, the company has been busy reorganizing its executive ranks. In January, WeWork brought on former Brooklyn Bowl head James Woods to head up WeLive, the company’s furnished and time-flexible residential spaces. It also hired Richard Gomel, who once lead acquisitions and development for Starwood Hotels & Resorts, to manage its coworking business. In May, WeWork hired Spotify’s VP of Engineering, Laurent Paris, to be its first CTO.
It’s also shuffling around executives. In July, the company promoted former general counsel and chief culture officer, Jen Berrent, to COO. Previously, CFO Artie Minson was occupying a sort of dual role. Now he’s focusing all his attention on WeWork’s financial growth. Already, the company has announced it’s on track to earn billion-dollar revenue this year. And WeWork recently took a $500 million investment from Softbank and others.
All these changes come as WeWork has shifted its model from simple coworking spaces to a whole suite of residential and work services. No longer just a landlord to small businesses and startups, WeWork has revamped itself as an ally to large corporations, helping them to open new offices and manage existing ones. This puts WeWork in a position to not only expand, but to prove defensibility to investors down the road.RR