WeWork names real estate executive Sandeep Mathrani as CEO

WeWork appointed real estate industry veteran Sandeep Mathrani as its new chief executive on February 2.

Mathrani will join the company on February 18 and replace co-CEOs Sebastian Gunningham and Artie Minson.

Mathrani will report to WeWork’s Executive Chairman Marcelo Claure.

Both Gunningham and Minson will remain with the company at least through a transition period to ensure a smooth onboarding process, the company said.

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.

Mathrani will bring much-needed real estate experience to WeWork. He is the former chief executive of Brookfield Properties’ retail group, and prior to that he was an executive at real estate firms including Vornado Realty Trust.

Brookfield declined to comment. The company announced in early December that Mathrani would depart Brookfield and that his last day of work would be Jan. 31.

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.

The news about Mathrani was reported earlier on February 1 by The Wall Street Journal.

(With inputs from Reuters)