WeWork has named Sandeep Mathrani as its new chief executive officer, tapping an experienced real estate operator for a bid to turn around the embattled startup, according to the WSJ. Softbank’s hand-picked executive chairman Marcelo Claure will remain in his current role and focus on ‘growth’. Mathrani most recently led Brookfield Property Partners’ retail group.
- Good move: The decision to choose Mathrani who once ran one of the nation’s largest mall owners adds to WeWork’s image as a real-estate company focused on leasing office space. Mathrani previously served as CEO of mall giant GGP after the company emerged from bankruptcy protection in 2010. Its stock price surged as the economy recovered after the financial crisis, and the company was ultimately purchased in 2018 by Brookfield.
- Worth Noting: Artie Minson and Sebastian Gunningham, who have served as co-CEOs since Adam Neumann stepped down in September will stay on through a “transition period.” They will each receive $8.3 million upon their departures from the co-working giant.