WeWork announced the appointment of Sandeep Mathrani as its new Chief Executive Officer and a member of the Board of Directors, effective February 18, 2020. Mathrani holds an extensive leadership experience in the real estate sector. Mathrani will report to Marcelo Claure, who will remain Executive Chairman of WeWork.
Mathrani replaces co-CEOs Artie Minson and Sebastian Gunningham. Minson and Gunningham will remain with the Company through a transition period to ensure a smooth onboarding process.
Marcelo Claure, Executive Chairman, WeWork, said, “Over the past 100 days since I joined WeWork, we have made tremendous progress strengthening the business. As an important first step, we have recapitalized the business and have a plan that will provide us access to in excess of $2.5 billion in liquidity to execute our growth plans. With a strong liquidity position in place, we have also established a five-year, growth-led transformation plan that we believe will position WeWork to achieve profitability on an adjusted EBITDA basis by 2021 and positive free cash flow in 2022. We continue to make important changes to implement a strong management team that better enables the Company to execute.”
Mathrani commented on his appointment, “I am honored to be joining WeWork at this 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. I am grateful for the confidence Marcelo and the Board have placed in me and look forward to partnering with Marcelo and the very talented employees at WeWork.”
Mathrani most recently served as CEO of Brookfield Properties’ retail group. Prior to that, he served as CEO of GGP Inc. for eight years. Prior to joining GGP in 2010, Mathrani was President of Retail for Vornado Realty Trust, where he oversaw the firm’s U.S. retail real estate division and operations in India comprised principally of office properties. Before that, he spent nearly a decade as Executive Vice President at Forest City Ratner, where he was tasked with starting and growing a new platform of retail properties across the five boroughs of New York City.
Mathrani serves on the executive board and the board of trustees for the International Council of Shopping Centers, the executive board and 2019 chair of the National Association of Real Estate Investment Trusts, as well as the board of directors for Host Hotels & Resorts, Inc.
Mathrani holds a Master of Engineering, Master of Management Science and Bachelor of Engineering from Stevens Institute of Technology in Hoboken, New Jersey.
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