SoftBank is making swift moves to get WeWork back on track after it took a heavy loss on the shared workspace startup. The Economic Times now reports that SoftBank is looking to appoint a new CEO for the company and one of the candidates in reckoning is Jason Kothari. Kothari is the former CEO of Housing.com and is currently a director in Emaar.
SoftBank is familiar with Jason Kothari since both Housing.com and Snapdeal where he headed the ventures, SoftBank has been a major investor. The reports suggest that Kothari is the only Indian among the candidates shortlisted by SoftBank for the global position. John Legere, CEO of T-Mobile US is reportedly another one being considered. These developments are only in the realm of speculation since none of the entities involved have given a confirmation on this.
Kothari’s credentials give him an advantage since he led a successful turnaround in the two startups. WeWork needs a strong leader now to carry out a surgical operation to bring the company out of its morass. In Housing.com, he cut down on the number of people being employed, brought in new personnel and reduced the operating costs by as much as 70%. This prompted SoftBank then to induct more funds into Housing.com. Turning a company around and earning the trust of the investors in the job of the CEO and Jason Kothari comes with that tag, “been there, done it”.
His key role as the chief strategy and investment office at Snapdeal, another SoftBank funded company, was also equally impressive. That was the period when the e-commerce firm was passing through a testing period and Kothari was in the thick of things when Snapdeal sold off FreeCharge and evolved the Snapdeal 2.0 strategy which the company is still pursuing. SoftBank may come out with its decision on the new CEO at WeWork soon.