NEW YORK CITY- Coworking firm WeWork has appointed former Brookfield Properties chief executive Sandeep Mathrani as chief executive officer of the company, succeeding co-CEOs Sebastian Gunningham and Artie Minson, according to a Reuters news report.
Mathrani will begin his duties starting Feb. 18, 2020, and will report to Marcelo Claure, executive chairman of the Softbank-backed company, according to a firm statement.
Gunningham and Minson will remain with the WeWork at least through a transition period to ensure a smooth onboarding process, according to Reuters.
The WeWork board led the CEO search – which began in November after the resignation of temperamental co-founder Adam Neumann amid the companies flopped initial public offering – without any external assistance, after considering working with a couple of external executive search firms.
Mathrani brings more real estate experience to the role than those before him. Formerly, he was chief executive of Brookfield Properties' retail group after his departure from the company on Jan. 31, and worked as an executive at real estate firms including Vornado Realty Trust.
WeWork's tanked IPO last year nearly sent the company into bankruptcy before its largest investor Softbank stepped up with an estimated $5 billion payout. As a result, the company's valuation dropped to less than $8 billion from $47 billion.
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Mariah Brown
Mariah Brown is the New York Bureau Chief and Real Estate Reporter for GlobeSt.com, covering the New York Metro area, Northeast region and national real estate trends. She is responsible for producing multi-media content, including articles, podcasts and video. Before joining the GlobeSt team, she served as a New York Times fellow, reported for the Associated Press in New York and Philadelphia and several other New York City-based outlets.
