Time Warner CFO Leaves for Coworking Startup WeWork
On Monday, June 1, Time Warner Cable announced that Chief Financial Officer Arthur Minson will be leaving the company he saved from two mergers to become President and Chief Operating Officer at WeWork, a coworking startup based out of New York City. From 2007-2009, Minson acted as Time Warner’s CFO; he returned to his post in 2013 after a stint at AOL where he was CFO and COO. He is currently 44-years-old, and in 2014, Minson retained a $13 million salary. His compensation rate at WeWork has not yet been disclosed.
WeWork, a $5 Billion Company
In 2010, Adam Neumann and Miguel McKelvey paired to start WeWork in New York. The two grew up worlds apart — Neumann in Israel, McKelvey in Oregon — but connected at a party in Manhattan. Green Desk was the pair’s first business venture, a coworking space in Brooklyn. For $3 million, Neumann and McKelvey sold their Brooklyn space, which operated less than optimally for the pair’s coworking ideal, to their landlord and took a liquid $300,000, from which they lived off of, and built WeWork in 2010.
The initial location in SoHo was built on the community model that has become a part of WeWork’s business model, something billionaire Mort Zuckerman, chairman of Boston Properties, noted as particularly interesting about the company. Zuckerman invested in the company three years after its inception, before the company had really made a name for itself. WeWork currently boasts office spaces in 11 U.S. cities, and four countries abroad, including Tel Aviv. In December of 2014, WeWork closed a $355 million funding round and is now has an estimated value of $5 billion, according to the Wall Street Journal. In February of that year, JPMorgan, Harvard Corp, and Zuckerman and Benchmark led a $150 million investment in the company.
Minson as President, COO
Neuman cited Minson’s management experience, as well as quick and decisive manner, reasoning for his appointment as WeWork’s newest President and COO. In an interview, Neuman explained that the company spent a significant amount of time looking for an executive to “take the company to the next level” and that Minson was the perfect candidate. Neuman and McKelvey continue to personally interview all groups who choose to work at WeWork, to maintain the creative ideal they started the company with.
Within the next week WeWork plans to appoint a new CFO who will report directly to Minson. With Time Warner Cable still in the midst of closing their deal with Charter Communications, Minson will remain advisor to the company, while continuing his new duties with WeWork.