Reuters
FILE PHOTO: WeWork offices in San Francisco
- WeWork announced on Saturday that Sandeep Mathrani would be its new CEO.
- Adam Neumann, WeWork's cofounder, was reportedly ousted from the chief executive role in 2019 after SoftBank took control of the company, and Artie Minson and Sebastian Gunningham have served as co-CEOs since.
- Mathrani was previously an executive at Brookfield properties, and has a history of turning around businesses dealing with debt.
- Some are speculating that hiring an experienced real estate executive hints that WeWork will embrace its role as a real estate company.
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In the newest update to the WeWork saga, the company has announced a new CEO, Sandeep Mathrani, who will assume the role on February 18. Mathrani is a real estate veteran and will report to the company's executive chairman, Marcelo Claure.
Mathrani is tasked with building the executive team while dealing with the decisions made under cofounder Adam Neumann. WeWork will continue opening new locations, but at a slower pace, and is also considering dropping other deals that are projected to be unprofitable, The Wall Street Journal reported.
Hiring Mathrani, an experienced real estate executive, might suggest that WeWork is shifting to focus primarily on its real estate identity. WeWork had diversified into housing, WeLive; education, WeGrow; and a luxury gym, Rise by We. After a failed IPO and the departure of Neumann last year, SoftBank took majority control of the company. and Claure, who is SoftBank Group's CEO, also became WeWork's executive chairman.
Here's everything we know about Sandeep Mathrani, the 57-year-old real estate executive most recently CEO at Brookfield Properties.