Former Publicis CEO Maurice Levy is WeWork's new CMO

Leadership unveiled an turnaround plan on Friday.

Former Publicis CEO and industry legend Maurice Levy is to sit at the helm of WeWork’s marketing department, it has been reported. 

He will take on the role of interim chief marketing and communications officer following an internal announcement on Friday, according to Bloomberg

Levy joins a slate of new leadership as the company realigns its focus to become cash-flow positive by 2023. Ralf Wenzel and Mike Bucy, both from SoftBank Group, will join as chief product officer and chief transformation officer respectively. 

Executive Chairman Marcelo Claure reportedly said the company would continue to expand its location base and nodded to franchising as a possible new revenue stream.

The news follows an announcement earlier this week in which WeWork outlined plans to cut around 2,400 employees. 

WeWork reported losses of $1.25billion in Q3. It's a dramatic increase in what the company ate in the same period a year prior: $497million.

WeWork has not yet responded to a request for comment.

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