Wework names Sandeep Mathrani as CEO
BENGALURU/NEW YORK: Softbankbacked off i ce sharing f i rm Wework named real estate i ndustry veteran Sandeep Mathrani as its new chief executive on Saturday.
Mathrani will join the company as the chief executive officer (CEO) from February 18, 2020 and will report to Marcelo Claure, who will remain as executive chairman, the company said in a statement.
Mathrani succeeds co-ceos Sebastian Gunningham and Artie Minson, Wework said.
Both Gunningham and Minson will remain with the company at least through a transition period to ensure a smooth onboarding process, the company said.
The search for a new chief executive was handled by the Wework board without an external executive search firm, according to people familiar with the matter, adding that a couple of search firms were initially considered.
Mathrani will bring muchneeded real estate experience to Wework. He is the former chief executive of Brookfield Properties’ retail group, and prior to that he was an executive at real estate firms including Vornado Realty Trust.
Brookfield declined to comment.
The company announced in early December that Mathrani would depart Brookfield and that his last day of work would be January 31.
Wework began its search for a new CEO in November following the departure of co-founder Adam Neumann, who drew criticism for his erratic management style.
Wework’s IPO was shelved l ast year and t he c ompany recorded a steep plunge in valuation, to less than $8 billion from $47 billion.
The news about Mathrani was reported earlier on Saturday by The Wall Street Journal.
“I am honoured to be joining Wework at this pivotal time in its history. The company has redefined how people and companies approach work with an innovative platform, exceptionally talented team and significant potential if we stick to our shared values and maintain our members-first focus,” Mathrani said in a statement.
“I am grateful for the confidence Marcelo and the board have placed in me and look forward to partnering with Marc e l o and t he very t al e nt e d employees at Wework.”