Troubled US co-working giant WeWork has appointed ex-Brookfield Properties head Sandeep Mathrani as its new chief executive.
Real estate industry veteran Mathrani will succeed co-CEOs Artie Minson and Sebastian Gunningham, who had been helping stabilise the company since the September departure of former CEO and co-founder Adam Neumann in the wake of its failed IPO.
Mathrani will be tasked with turning around the fortunes of the once promising startup, founded in 2010 in the SoHo district of New York City to provide co-working space for freelancers and small startups.
In the nine years since its founding, WeWork rapidly expanded into 528 locations in 111 cities and 29 countries, including spaces in Brisbane, Sydney and Melbourne.
Mathrani said he was honoured to be joining We Work at such a “pivotal time” in its history.
“The company has 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.”
Mathrani will report to executive chairman Marcelo Claure, who said the appointment marks the culmination of a period of “tremendous progress” in strengthening the business.
“[Sandeep] is a proven leader with turnaround expertise in the real estate industry, and we are thrilled to welcome him to WeWork,” Claure said.
Mathrani most recently served as chief executive of Brookfield Properties’ retail group.
Prior to that, Mathrani served as chief executive of US mall owner GGP Inc. GGP was recapitalised in November 2010, selling to Brookfield Property Partners in August 2018.
