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.
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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.
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.