BENGALURU: Sandeep Mathrani, a veteran in the American retail real-estate and well-known crisis manager, will join the New York-based co-working giant WeWork as its CEO on February 18.
He will take over charge from Artie Minson and Sebastian Gunningham, co-CEOs who will continue to retain their posts through the transition period.
Mathrani is known to re-build General Growth Properties (GGP) group, the second-largest owner of America’s shopping malls during the recession period in mid-2000s. GGP was later purchased by one of its investors Brookfield Properties that decided to retain Mathrani as its CEO.
At WeWork, Mathrani will have an uphill task to stabilise the firm after its failed attempt for an initial public offering last year.
After its valuation dropped by 80 per cent from $47 billion to $8 billion under the leadership of founder and former CEO Adam Neumann, Softbank bailed out WeWork of the crisis by infusing $5 billion and the focus shifted on gradual expansion and overhaul in the management at the firm.
His appointment is seen as an attempt to project WeWork from a tech co-working start-up to a major real estate player globally. Mathrani will report to Marcelo Claure, executive chairman of WeWork.
He is currently serving on the executive board and the board of trustees for the International Council of Shopping Centers and on the board of directors of Host Hotels and Resorts. Meanwhile, WeWork India on Monday announced the launch of two workspaces as a part of investing in growth strategy.