General view of WeWork Weihai Road flagship is seen on April 12, 2018 in Shanghai, China. World’s leading co-working space company WeWork will acquire China-based rival naked Hub for 400 million U.S. dollars. (Photo by Jackal Pan/Visual China Group via Getty Images)
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WeWork intends to name Sandeep Mathrani, a veteran in the real estate industry, as its new CEO, people familiar with the matter tell The Wall Street Journal.
Mathrani was previously CEO at Brookfield Properties’ retail group, and is on the executive board and board of trustees for the International Council of Shopping Centers (ICSC) and the board of directors of Host Hotels & Resorts, Inc.
He replaces Artie Minson and Sebastian Gunningham, who were co-chief executives of WeWork parent We Co. since the company’s co-founder and former CEO Adam Neumann stepped down in September.
WeWork’s leasing activity in the fourth quarter plunged 93%, after the company withdrew its highly anticipated initial public offering and raised emergency funding from SoftBank, which took over 80% control in October with a $5 billion financing package. The next month, the company announced 2,400 job cuts.
Read The Wall Street Journal report