WeWork hires real estate industry veteran Sandeep Mathrani as CEO

Softbank-backed office sharing firm WeWork named real estate industry veteran Sandeep Mathrani as its new chief executive.
WeWork IPOSandeep Mathrani will join the company as the CEO from Feb. 18, 2020 and will report to Marcelo Claure, who will remain as executive chairman.

Sandeep Mathrani succeeds co-CEOs Sebastian Gunningham and Artie Minson, WeWork said.

Both Gunningham and Minson will remain with the company at least through a transition period to ensure a smooth onboarding process.

Sandeep Mathrani will bring real estate experience to WeWork. He is the former chief executive of Brookfield Properties’ retail group, and prior to that he was an executive at real estate firms including Vornado Realty Trust.

WeWork began its search for a new CEO in November following the departure of co-founder Adam Neumann.

WeWork shelved its IPO last year and the company recorded a plunge in valuation, to less than $8 billion from $47 billion.