Diana Marszalek 14 Jul 2020 // 5:38PM GMT
NEW YORK — Lauren Fritts has been promoted to lead global communications for WeWork, becoming the third CCO in less than a year as the troubled company tries to turn around its fortunes.
A three-year member of WeWork’s comms team, Fritts will lead the company’s global internal and external communications and public affairs functions, reporting to new CEO Sandeep Mathrani
Fritts previously served as office-sharing company’s VP of public affairs and corporate communications, overseeing stakeholder engagement strategy communications. Earlier in her career, Fritts was digital director for then-New Jersey Gov. Chris Christie’s presidential campaign and digital director and deputy communications director for New Jersey state.
“Since my first day on the job, Lauren has shown herself to be a trusted and invaluable partner with the expertise and passion to move this company forward,” Mathrani said. “The last five months have been anything but predictable for the world and of course WeWork, but Lauren is no stranger to challenging environments and has handled it all with grit and grace. Lauren’s steadfast and strong leadership will elevate our efforts to effectively communicate WeWork’s next chapter.”
Fritts assumes the role after WeWork announced Marissa Shorenstein, an AT&T regional comms president, would be joining the company as CCO in late March — news that came before the Covid-19 shutdown put the already struggling company’s future in further jeopardy. WeWork would provide no information on Shorenstein’s tenure.
Shorenstein had been hired to replace Jennifer Skyler, who left for American Express in September; Her departure preceded the company’s unraveling during the latter half of the year that included scrapping its planned IPO after failing to get investor interest, and the ousting of founder Adam Neumann as CEO.
In May, Softbank, which has invested billions of dollars in WeWork, valued the company at $2.9 billion, down from $47 billion the previous year. Earlier this week, however, SoftBank executive & WeWork chairman Marcelo Claure, told the Financial Times said the company is on track to be profitable by 2021.