NEW YORK CITY- Coworking firmWeWork has appointed former Brookfield Properties chief executiveSandeep Mathrani as chief executive officer of the company,succeeding co-CEOs Sebastian Gunningham and Artie Minson, accordingto a Reuters news report.
|Mathrani will begin his dutiesstarting Feb. 18, 2020, and will report to Marcelo Claure,executive chairman of the Softbank-backed company, according to afirm statement.
|Gunningham and Minson will remainwith the WeWork at least through a transition period to ensure asmooth onboarding process, according toReuters.
|The WeWork board led the CEOsearch – which began in November after the resignation oftemperamental co-founder Adam Neumann amid the companies floppedinitial public offering – without any external assistance, afterconsidering working with a couple of external executive searchfirms.
|Mathrani brings more real estate experience to the role thanthose before him. Formerly, he was chief executive of BrookfieldProperties' retail group after his departure from the company onJan. 31, and worked as an executive at real estate firms includingVornado Realty Trust.
|WeWork's tanked IPO last year nearly sent the company intobankruptcy before its largest investor Softbank stepped up with anestimated $5 billion payout. As a result, the company's valuationdropped 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.
