He will officially assume his position from February 18, 2019
Office-sharing real estate firm WeWork has appointed Sandeep Mathrani as the new CEO in an attempt to turn the tables for the embattled start-up. In his new role, he will be responsible for the success of the startup post its relaunch. According to WeWork’s official statement, published on Saturday, Sandeep Mathrani will replace Artie Minson and Sebastian Gunningham, and officially take over on February 18. The duo has served as co-CEOs of WeWork parent We Co. since Neumann stepped down in September following WeWork’s failed IPO, which fell from $47 billion to less than $10 billion.
Sandeep Mathrani will report to Marcelo Claure, chairman of the board of directors and a close associate of Masayoshi Son, whose company Softbank had invested in WeWork to save the startup from bankruptcy.
Mathrani is no stranger to struggling companies. He was appointed by GGP to revive the revived the giant shopping mall operator after it went bankrupt in 2010. Prior to the appointment, he was at Brookfield Property Partners, a real estate company that manages and operates retail space, buildings, warehouses, and offices.
WeWork was launched in 2010 by Adam Neumann, Miguel McKelvey, and Rebekah Neumann. Introduced as one of the stars of the sharing economy, WeWork struggled to reorganise as losses mounted in 2019 due to its failure at Wall Street. In November, WeWork announced the elimination of some 2,400 jobs worldwide, amounting to almost 20% of its total workforce.