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The WeWork logo sits on the exterior of a glass door at the co-working office space, operated by the … [+]
Bryn Colton/Bloomberg © 2019 Bloomberg Finance LP
Topline: WeWork named real estate industry executive Sandeep Mathrani as its new CEO, the company announced Sunday, in a move to turn the embattled real estate startup around after its failed IPO attempt and the ouster of former CEO Adam Neumann last year.
- Mathrani has worked in the real estate industry for over two decades and was most recently the CEO of Brookfield Properties’ retail group.
- Mathrani adds real estate expertise after WeWork’s former CEO positioned the company, which rents out office space to startups, as a sort of technology startup.
- He replaces Artie Minson and Sebastian Gunningham, two former WeWork executives who served as temporary co-CEOs after Neumann stepped down in September 2019.
- Mathrani was recruited by Marcelo Claure, WeWork’s newly installed executive chairman who came on as part of a bailout deal with Softbank, its largest investor, the Wall Street Journal reported.
- Claure, a Stoftbank executive, will stay on as executive chairman.
Crucial quote: “I am honored to be joining WeWork at this pivotal time in its history,” Mathrani said in a statement. “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.”
Key background: WeWork was once one of the highest-valued startups in the world, but the company imploded last year after investors questioned its corporate governance and finances ahead of its widely anticipated IPO. The public offering was eventually shelved and WeWork’s eccentric CEO at the time, Adam Neumann, stepped down following media reports revealing his unusual management style and questionable business decisions.
What’s next: With Softbank in the driver’s seat post-bailout, WeWork has a five-year plan to make itself profitable by 2021. That plan included mass layoffs last year and may involve selling off more non-core business assets (it already sold off business management software company Teem and its stake in The Wing last month.)
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The WeWork logo sits on the exterior of a glass door at the co-working office space, operated by the … [+]
Bryn Colton/Bloomberg © 2019 Bloomberg Finance LP
Topline: WeWork named real estate industry executive Sandeep Mathrani as its new CEO, the company announced Sunday, in a move to turn the embattled real estate startup around after its failed IPO attempt and the ouster of former CEO Adam Neumann last year.
- Mathrani has worked in the real estate industry for over two decades and was most recently the CEO of Brookfield Properties’ retail group.
- Mathrani adds real estate expertise after WeWork’s former CEO positioned the company, which rents out office space to startups, as a sort of technology startup.
- He replaces Artie Minson and Sebastian Gunningham, two former WeWork executives who served as temporary co-CEOs after Neumann stepped down in September 2019.
- Mathrani was recruited by Marcelo Claure, WeWork’s newly installed executive chairman who came on as part of a bailout deal with Softbank, its largest investor, the Wall Street Journal reported.
- Claure, a Stoftbank executive, will stay on as executive chairman.
Crucial quote: “I am honored to be joining WeWork at this pivotal time in its history,” Mathrani said in a statement. “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.”
Key background: WeWork was once one of the highest-valued startups in the world, but the company imploded last year after investors questioned its corporate governance and finances ahead of its widely anticipated IPO. The public offering was eventually shelved and WeWork’s eccentric CEO at the time, Adam Neumann, stepped down following media reports revealing his unusual management style and questionable business decisions.
What’s next: With Softbank in the driver’s seat post-bailout, WeWork has a five-year plan to make itself profitable by 2021. That plan included mass layoffs last year and may involve selling off more non-core business assets (it already sold off business management software company Teem and its stake in The Wing last month.)