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Sandeep Mathrani Set to Take Top Job at WeWork
(Updated with new information)
WeWork has named Sandeep Mathrani, formerly CEO of GGP prior to its acquisition by Brookfield Properties, as its new chief executive, effective Feb. 18. The appointment was first reported Saturday by the Wall Street Journal and the New York Times.
Mathrani, who served as head of Brookfield Properties Retail since August 2018, replaces Artie Minson and Sebastian Gunningham, the co-chief executives who took over last September from WeWork co-founder Adam Neumann. Minson and Gunningham will remain with the company through a transition period, WeWork announced.
The Times reported that Mathrani’s appointment will be an important part of WeWork’s attempts to build a business that can sustain itself in the increasingly competitive market for flexible office space. WeWork withdrew its much-anticipated initial public offering in September. SoftBank, WeWork’s largest outside shareholder, agreed in October to bail out the company with some $6 billion in financing.
Marcelo Claure, a senior SoftBank executive, became WeWork’s executive chairman and has been overseeing the company’s overhaul. This has entailed pulling back from certain markets, selling off noncore businesses and finding new ways to finance its operations.
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