Sandeep Mathrani replaces Artie Minson and Sebastian Gunningham, the co-chief executives.
WeWork,
the troubled operator of shared office space, has named Sandeep
Mathrani, a senior executive at the commercial real estate company
Brookfield Properties, as its new chief.
Mathrani
replaces Artie Minson and Sebastian Gunningham, the co-chief
executives. Minson and Gunningham took over in September from Adam
Neumann, the WeWork co-founder whose growth-at-all-costs strategy
brought the company to the brink of financial collapse last year.
In
a statement, Mathrani said WeWork had “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”.
The
appointment of Mathrani, who is set to start on February 18, would be
an important part of WeWork’s attempts to build a business that
could sustain itself in the fast growing but highly competitive
market for flexible office space.
Mathrani
has been chief executive of Brookfield’s
retail division since August 2018, according to his LinkedIn page.
The
naming of an experienced real estate executive is a clear indication
that WeWork is moving on from Neumann’s strategy of building a
sprawling company with lofty aims that included transforming how
people work and live together.
He
had promoted WeWork as if it were a groundbreaking technology company
set on upending its industry. The firm had also branched out well
beyond office space, establishing sleek dormitories for working
professionals and even a private school in Manhattan.
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