Coworking Firm WeWork hired real estate industry veteran Sandeep Mathrani as its new chief executive on February 2. Mathrani will join the company on February 18.
Mathrani will replace Artie Minson and Sebastian Gunningham, the co-chief executives who took over in September from Adam Neumann’s forced departure in September following WeWork’s failed IPO, which fell from $47 billion to less than $9 billion.
Japan-based investor SoftBank took 80 per cent ownership of the company as part of a deal to pump in $5 billion and accelerated a $1.5 billion equity investment.
Both Gunningham and Minson will remain with the company at least through a transition period to ensure a smooth onboarding process, the company said.
Mathrani will report to Marcelo Claure, who will remain the Executive Chairman of WeWork and will also be a part of the board.
Mathrani is an Indian-American, previously served as CEO of retail division in US-based real estate management company Brookfield Properties. He held the position of CEO of General Growth Properties for eight years. General Growth Properties, one of the largest shopping mall operators in the US, was acquired by Brookfield in 2018.
Marathi has spent nearly a decade as Executive VP at Forest City Ratner and he was President of Retail for Vornado Realty Trust.
“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,” Marathi said.