WeWork parent to name real estate veteran Sandeep Mathrani new CEO

We Co. rebuilding after failed IPO, departure of ex-CEO

WeWork's parent plans to name real estate industry veteran Sandeep Mathrani as its new chief executive, according to people familiar with the matter, a critical step in the company's bid to rebuild following a failed IPO attempt and the departure of co-founder and former CEO Adam Neumann.

Continue Reading Below

Mathrani, previously chief executive of Brookfield Property Partners' retail group, replaces Artie Minson and Sebastian Gunningham, who have served as co-CEOs of We Co. since Neumann stepped down in September.

GET FOX BUSINESS ON THE GO BY CLICKING HERE

A WeWork workspace. (Credit: WeWork)

WEWORK LEASES FALL TO NEW LOW DESPITE RECORD BUILDING OPENINGS IN DECEMBER

Marcelo Claure, who currently serves as executive chairman of We, will remain in that role. Mathrani, whom he recruited, will report to Claure, the people said. SoftBank Group Corp., where Claure is an executive, committed billions of dollars to the office-rental startup in an October financial-rescue package.

Mathrani is expected to join with Claure and bring real estate expertise to WeWork, while Claure focuses on growth.

CLICK HERE TO READ MORE ON FOX BUSINESS