Published: Mon, February 03, 2020
Markets | By Otis Pena

WeWork Names Sandeep Mathrani As CEO

WeWork Names Sandeep Mathrani As CEO

Both Gunningham and Minson will remain with the company at least through a transition period to ensure a smooth onboarding process, the company said.

WeWork has named Sandeep Mathrani as its new chief executive officer, tapping an experienced real estate operator for a bid to turn around the embattled startup, according to the WSJ. Prior to the appointment, he was at Brookfield Property Partners, a real estate company that manages and operates retail space, buildings, warehouses, and offices.

The plan also includes the relocation of Claure from Miami to NY, where WeWork is based, over the coming weeks, the Wall Street Journal reported.

A seasoned real estate executive is set to take over as CEO of WeWork later this month, with the task of turning the business around. WeWork said the new role for Mathrani will be effective from February 18. WeWork said later on Saturday that Mathrani will also be a member of the company's Board of Directors.

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He will report to former T-Mobile CEO and SoftBank operating chief and Marcelo Claure, who serves as executive chairman of WeWork and is working to keep the company afloat.

Neumann was forced to leave after WeWork failed to go public, because of his questionable leadership, erratic behavior, unchecked power, and WeWork's losses.

Prior to joining GGP in 2010, Mathrani was President of Retail for Vornado Realty Trust, where he oversaw the firm's United States retail real estate division and operations in India comprised principally of office properties. He became WeWork executive chairman as part of the SoftBank deal. WeWork was valued as high as $47 billion at one point. That company, founded in 2013, had assets worth $84 billion in 2017 and made $6.1 billion in revenue that year.

Since then, SoftBank has worked on a five-year business plan that it expects will get the company to profitability. In WeWork's third quarter of previous year, which is its most recently reported one, the company made a $1.3 billion loss on $934 million of revenue. WeWork reportedly does not intend to reduce its efforts to open new locations, even if it acquires them at a slower pace than in previous years.

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