Co-sharing workspace company WeWork has named Indian-American real estate veteran Sandeep Mathrani as the new chairman of the company. Mathrani became part of the global flexible space company as the Chief Executive Officer in February 2020.
He was brought in at a critical juncture as WeWork was rebuilding itself after the COVID-19 induced disruptions, a recent failed attempt to launch an initial public offering and the sudden exit of co-founder and former CEO Adam Neumann.
Mathrani succeeded co-CEOs Artie Minson and Sebastian Gunningham, both of whom helped stabilise WeWork over the past few months. Prior to WeWork, Mathrani served as the Chief Executive Officer of Brookfield Properties' retail group and Vice Chairman of Brookfield Properties from 2018 to 2019.
Mathrani also served as CEO of GGP Inc for eight years, during which he recapitalised the company from bankruptcy in 2010 and led it for eight years before the $9.25 billion acquisition of GGP by Brookfield Property Partners in 2018. He also served as the President of Retail at Vornado Realty Trust from 2002 to 2010 and was responsible for all retail real estate activities in the United States and India. In addition, he served as an Executive Vice President at Forest City Ratner Companies, LLC from 1994 to 2002 and was responsible for its retail development and related leasing in the New York City metropolitan area.
Mathrani also serves on the Board of Directors for DICK'S Sporting Goods. He is a former Chair and current Executive Board member of the National Association of Real Estate Investment Trusts, as well as a former trustee of the International Council of Shopping Centers.
WeWork recently outlined a five-year strategic plan that would position the firm to achieve profitability and a positive free cash flow in 2022. In the last few months since Mathrani took over, WeWork implemented several tough measures to cut costs and right-size the organisation.
The company also recently infused $100 million into WeWork India for growth opportunities.
The lockdown to contain the spread of coronavirus in India has severely impacted the shared-workspace sector, with occupancy at 10-12 per cent of pre-pandemic levels, as people continue to work from home. WeWork signed multiple lease deals with enterprise clients across cities in recent months to offer more flexible options and value offerings.
