indica News Bureau-
American real estate and office-sharing company WeWork named Indian-American real estate veteran Sandeep Mathrani as its 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, as Business Today quoted.
Mathrani, who was previously chief executive of Brookfield Property Partners’ retail group, will replace Artie Minson and Sebastian Gunningham, according to a press release. The duo has served as co-CEOs of WeWork parent We Co since Adam Neumann stepped down in September following a failed IPO attempt. WeWork said later on Saturday that Mathrani will also be a member of the company’s Board of Directors. Mathrani holds a Master of Engineering, Master of Management Science and Bachelor of Engineering from Stevens Institute of Technology in Hoboken, New Jersey.
WeWork further said that Mathrani will report to Executive Chairman Marcelo Claure adding that Mathrani’s deep real estate experience and skills are complementary with those of Claure.
“Over the past 100 days since I joined WeWork, we have made tremendous progress strengthening the business. As an important first step, we have recapitalized the business and have a plan that will provide us access to in excess of $2.5 billion in liquidity to execute our growth plans,” said Claure who is also a part of the SoftBank Group.
“With a strong liquidity position in place, we have also established a five-year, growth-led transformation plan that we believe will position WeWork to achieve profitability on an adjusted EBITDA basis by 2021 and positive free cash flow in 2022. We continue to make important changes to implement a strong management team that better enables the Company to execute,” Claure added.