In a statement WeWork said, it has named real estate industry veteran Sandeep Mathrani as its new chief executive.
Mathrani is set to join WeWork as the CEO from February 18, 2020 and will report to Marcelo Claure, who will remain as the company’s executive chairman, said WeWork in a statement.
Mathrani succeeds co-CEOs Sebastian Gunningham and Artie Minson, said WeWork.
The outgoing co-CEOs will remain with the company at least through a transition period to ensure a smooth onboarding process, said WeWork.
According to sources familiar with the matter at hand, the search for a new CEO was handled by the WeWork’s board without the help of an external executive search firm, who went on to add, initially a couple of search firms were considered.
Mathrani, a former CEO in Brookfield Properties’ retail group who was also an executive at real estate firms including Vornado Realty Trust, will bring much-needed real estate experience to WeWork.
Brookfield declined to comment.
In early December, Brookfield had announced, Mathrani would be leaving the company and that his last day of work would be January 31, 2020.
Incidentally, WeWork’s 2019 IPO was shelved and the startup recorded a steep decline in its valuation, to less than $8 billion from $47 billion.