WeWork named Sandeep Mathrani as its new chief executive officer, tapping an experienced real estate operator for a bid to turn around the embattled startup.<\/p>\n
Mathrani, who was previously chief executive of Brookfield Property Partners\u2019 retail group, will need to execute a plan for WeWork to refocus on co-working and abandon unrelated ventures started by its co-founder, Adam Neumann.<\/p>\n
Mathrani will replace Artie Minson and Sebastian Gunningham, WeWork said in a statement. The duo has served as co-CEOs of WeWork parent We Co. since Neumann stepped down in September following a failed attempt to take the company public.<\/p>\n
WeWork said the new CEO will report to Executive Chairman Marcelo Claure, an executive at SoftBank Group Corp., which committed billions of dollars to WeWork in a\u00a0rescue package<\/a><\/strong>\u00a0last fall.<\/p>\n Mathrani will join the company on Feb. 18, with Minson and Gunningham staying on through a transition period. \u201cI am honored to be joining WeWork at this pivotal time in its history,\u201d Mathrani said in a statement.<\/p>\n Mathrani has experience with a company in crisis. He helped GGP, a shopping mall operator, emerge from bankruptcy in 2010.<\/p>\n The company saw its stock rise, boosted by properties such as Las Vegas\u2019s Grand Canal Shoppes and Virginia\u2019s Tysons Galleria. Brookfield\u00a0paid<\/a>\u00a0<\/strong>about $15 billion for the 64-year-old business in 2018 and kept Mathrani on to oversee the retail operation.<\/p>\n The challenges at WeWork are different. Neumann co-founded the startup in 2010 and rapidly built a global empire of office spaces where companies or freelancers could rent by the desk. Investors fueled the expansion, and SoftBank made by far the biggest bet, pushing the valuation to $47 billion.<\/p>\n The IPO process laid bare WeWork\u2019s many vulnerabilities. The company was spending far more than it was generating in revenue and suffered from an over-dependence on Neumann, who\u00a0took out loans from WeWork<\/a><\/strong> as it paid him rent on buildings he owned.<\/p>\n WeWork pulled the IPO<\/a><\/strong>\u00a0in September and agreed to\u00a0part ways<\/a><\/strong>\u00a0with Neumann in an\u00a0exit package<\/a><\/strong>\u00a0valued at more than $1 billion. SoftBank and Claure have helped recruit new management and outline a turnaround plan, which included the\u00a0termination of 2,400 jobs<\/strong><\/a>.<\/p>\n WeWork named Sandeep Mathrani as its new chief executive officer, tapping an experienced real estate operator for a bid to turn around the embattled startup.<\/p>\n","protected":false},"author":341034,"featured_media":337406,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_sma_x_autopost_status":"idle","_sma_x_autopost_error":"","_sma_x_post_id":"","_sma_facebook_post_id":"","_sma_instagram_post_id":"","_sma_x_attempts":0,"footnotes":""},"categories":[19],"tags":[62940,44524],"class_list":["post-337402","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-sandeep-mathrani","tag-wework"],"_links":{"self":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/337402"}],"collection":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/users\/341034"}],"replies":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/comments?post=337402"}],"version-history":[{"count":2,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/337402\/revisions"}],"predecessor-version":[{"id":337408,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/337402\/revisions\/337408"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/media\/337406"}],"wp:attachment":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/media?parent=337402"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/categories?post=337402"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/tags?post=337402"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Now read: Starbucks and WeWork close locations in China as coronavirus spreads<\/a><\/h3>\n","protected":false},"excerpt":{"rendered":"