T-Mobile CEO John Legere is stepping down in May 2020, the company announced on Monday morning.
His replacement is coming from within T-Mobile: Current COO and president Mike Sievert is taking the reins from Legere next May.
It’s not clear just yet where Legere is going, but as of November 11 he was reported to be in talks with WeWork about the possibility of taking over as longterm CEO of the embattled office-sharing company. Soon after, on November 15, CNBC reported Legere would not be taking the WeWork CEO job, citing sources familiar with the matter. The same report said he “has no plans to leave the company.”
In a call with investors on Monday, Legere threw cold water on the rumors.
“I was never having discussions to run WeWork,” Legere said. “Because we had this announcement pending, I couldn’t say that.”
Under Legere’s leadership, T-Mobile’s market cap has increased over the past seven years.
T-Mobile has not only become more valuable, but begun to merge with Sprint — a move orchestrated by Legere.
When he took over T-Mobile in 2012, the company’s stock was worth just $12 a share. On Monday afternoon, T-Mobile was trading at nearly $80 a share.
WeWork has been in trouble for weeks following a disastrous attempt at an initial public offering in August.
The company’s valuation has tumbled in spectacular fashion, and now its biggest backer, the Japanese conglomerate SoftBank, is attempting to correct course after a buyout. SoftBank has valued WeWork at less than $5 billion, down from nearly $30 billion in June.
Its cofounder Adam Neumann was ousted in September and replaced by two co-CEOs, Sebastian Gunningham and Artie Minson, as part of a series of moves to restore confidence in the company and its leadership. An S-1 filing in August revealed Neumann’s web of loans, real-estate deals, and family involvement with the company, which eventually led to his ousting.
After SoftBank last month negotiated a deal to bail out WeWork, its CEO, Marcelo Claure, was tasked with overseeing the transition. The search for a new WeWork CEO is reportedly ongoing.