After a dramatic ending to 2019, which included huge employee layoffs, rotating CEOS, and a much maligned and delayed IPO, WeWork has finally found a new CEO in Sandeep Mathrani, a real estate executive. Mathrani replaces interim co-CEOS Artie Minson and Sebastian Gunningham who both stepped in when former CEO Adam Neumann has forced out in September.
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Instead of going with another CEO with a background in technology, WeWork took a left turn. Mathrani has a strong background in real estate and, according to Forbes, last worked as CEO of Brookfield Properties retail division. This left field move helps the company pivot from a tech startup model back towards the business model of renting out office space.
“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.” – Sandeep Mathrani
Working with their largest investor, SoftBank, WeWork is undergoing the implementation of a five=year financial restructuring, designed to reach profitability by 2021.