American real estate and office-sharing company WeWork named Indian-American real estate veteran Sandeep Mathrani as the new CEO. WeWork said the new role for Mathrani will be effective from February 18.
Mathrani says, "I am grateful for the confidence Marcelo and the Board have placed in me and look forward to partnering with Marcelo and the very talented employees at WeWork." Mathrani will be reporting to Marcelo Claure, who will remain as executive chairman.
Mathrani will be succeeding Sebastian Gunningham and Artie Minsonm, Co-CEOs at WeWork. Both Gunningham and Minson will remain with the company at least through a transition period to ensure a smooth onboarding process, the company said.
Currently, Mathrani serves on the executive board and the board of trustees for the International Council of Shopping Centers, the executive board and 2019 chair of the National Association of Real Estate Investment Trusts, as well as the board of directors for Host Hotels & Resorts Inc. Mathrani is expected to bring much-needed real estate experience to WeWork.
Mathrani holds a Master of Engineering, Master of Management Science and Bachelor of Engineering from Stevens Institute of Technology in Hoboken, New Jersey.
The CEO search was handled by the WeWork board without an external executive search firm, according to people familiar with the matter, adding that a couple of search firms were initially considered.
WeWork began its search for a new CEO in November following the departure of co-founder Adam Neumann, who drew criticism for his erratic management style.
WeWork's IPO was shelved last year and the company recorded a steep plunge in valuation, to less than $8 billion from $47 billion.
(With agency inputs)