WeWork will name Sandeep Mathrani it’s new chief executive, The Wall Street Journal reported.Mathrani will replace Artie Minson and Sebastian Gunningham, who have served as co-CEOs since the company’s founder Adam Neumann was ousted in 2019.WeWork has been attempting to clean up its image following its failed IPO last year.Visit Business Insider’s homepage for more stories.
WeWork will name Sandeep Mathrani as its new chief executive, The Wall Street Journal reported Saturday. The move comes as the company attempts to rebuild its reputation following its ill-fated IPO last year.According to the WSJ, Mathrani previously served as the chief executive of Brookfield Property Partners’ retail group. Mathrani was recruited by WeWork Executive Chairman Marcelo Claure and will report to him, according to the WSJ report. Mathrani will replace Artie Minson and Sebastian Gunningham, who have served as co-CEOs of the company since WeWork’s founder and former CEO Adam Neumann left the company in September 2019, the WSJ said.As Business Insider previously reported, a leaked memo revealed that the troubled company failed to meet its own key growth target in Q4 of 2019, hitting just 73% of its own goal. WeWork filed its IPO paperwork in August 2019, though immediately after faced scrutiny from investors and the media over its plans for profitability. Following the failed IPO, SoftBank, WeWork’s biggest investor, took control and gave Neumann some $1.7 billion to step down from the company’s board of directors.
The company has worked to modify its culture and announced in January plans to remove its free beer and wine taps globally by the end of February.WeWork did not respond to Business Insider’s request for comment. Read more: SoftBank-backed startups are bleeding, as investors tighten up scrutiny over loss-making business models. Here’s a running list of all the Japanese giant’s major investments in tech.
Leasing at Boston Properties’ massive WeWork-anchored Dock 72 building in Brooklyn has stalledEx-WeWork CEO Adam Neumann just tapped an Israel-based publicist for personal PR workLegendary tech VC Bill Gurley explains why the IPO ‘game is rigged’ and why Slack’s and Spotify’s disappointing listings haven’t shaken his faith that direct listings will become the norm
