Back in 2019, WeWork took tumble soon after it publicly filed documents for an initial public offering of shares. Since then, a lot of drama happened, including Adam Neumann’s resignation, Softbank taking over WeWork, and much more.
WeWork’s new CEO!
In the latest development to the WeWork Saga, Sandeep Mathrani has been appointed as Chief Executive Officer and a member of the Board of Directors, effective February 18, 2020. Mathrani will report to Marcelo Claure, who will remain Executive Chairman.
Claure said:
“Over the past 100 days since I joined WeWork, we have made tremendous progress in strengthening the business. As an important first step, we have recapitalized the business and have a plan that will provide us access to in excess of $2.5 billion in liquidity to execute our growth plans.
It’s worth mentioning that, Mathrani succeeds co-CEOs Artie Minson and Sebastian Gunningham, both of whom helped stabilize WeWork over the past several months. However, Minson and Gunningham will remain with the Company through a transition period to ensure a smooth onboarding process.
Claure added:
We continue to make important changes to implement a strong management team that better enables the Company to execute.
Proven track record of transforming companies!
Sandeep Mathrani brings to WeWork extensive leadership experience in real estate, with a proven track record of transforming companies and driving meaningful growth to create value for stakeholders. Additionally, Mathrani’s deep real estate experience and skills are highly complementary to those of Claure.
Claure continued:
He is the partner of choice with the right skills and experience as we work to execute WeWork’s transformation. He is a proven leader with turnaround expertise in the real estate industry, and we are thrilled to welcome him to WeWork.
Mathrani most recently served as CEO of Brookfield Properties’ retail group. Before that, he served as CEO of GGP Inc. for eight years, during which the company was recapitalized in November 2010, experienced eight years of growth, and in August 2018 was sold to Brookfield Property Partners.
Before joining GGP in 2010, Mathrani was President of Retail for Vornado Realty Trust, where he oversaw the firm’s U.S. retail real estate division and operations in India comprised principally of office properties.
During his tenure, he was responsible for stabilizing and growing the portfolio. Before that, he spent nearly a decade as Executive Vice President at Forest City Ratner, where he was tasked with starting and building a new platform of retail properties across the five boroughs of New York City.
Educational background!
Coming to his educational background, Mathrani holds a Master of Engineering, Master of Management Science, and Bachelor of Engineering from Stevens Institute of Technology in Hoboken, New Jersey.
Mathrani said:
I am honored 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. I am grateful for the confidence Marcelo and the Board have placed in me and look forward to partnering with Marcelo and the very talented employees at WeWork.
Main image picture credits: WeWork
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