Mark Dixon, founder of serviced office group IWG, is stepping down as chief executive after nearly four decades. He will transition to the role of chairman, with Christian Schmitz taking over as CEO. The company has seen significant growth and adaptation post-pandemic.
The leadership change at IWG marks the end of an era for a prominent figure in the flexible workspace industry and signals a new phase for the company as it continues to adapt to evolving work trends.
Mark Dixon, the billionaire founder of serviced office group IWG, is stepping down as chief executive after nearly four decades at the helm. He will transition to the role of chairman, while chief transformation officer Christian Schmitz will take over as chief executive.
Dixon founded the company, originally known as the Regus group, in 1989. The company has navigated significant challenges, including putting its US arm into bankruptcy protection in 2003 and seeing its share value drop sharply in 2020 due to the COVID-19 pandemic. In response to changing work habits, IWG has focused on expanding its presence in smaller towns and outside of city centers.
Dixon stated that the company "continues to perform in line with expectations" and that the shift towards hybrid and localized working is driving "the fastest growth that we have ever seen in history." Following the announcement, IWG shares rose 1 per cent to 184p, though the stock remains down 18.8 per cent year-to-date.