WeWork Gets New CEO

WeWork, a shared workspace and real estate company, named industry veteran Sandeep Manthrani as its new chief executive officer, according a report Saturday from Reuters.

The SoftBank-backed office-sharing firm added in its official statement that Manthrani will join on Feb. 18 and will report to Executive Chairman Marcelo Claure.

Current Co-CEOs Sebastian Gunningham and Artie Minson will remain with the company and advise the new leader as Manthrani takes the helm. The length of this transition period is not known, but the company is committed to a solid transition and onboarding process, WeWork added in its statement.

A previous executive at Vornado Realty Trust and more recently the former CEO of Brookfield Properties’ retail group, Manthrani brings his wisdom and experience from a diverse, extensive real estate career to WeWork, skills the company needs as it rights its ship after stumbling through the past year.

Dropping 93 percent in its leasing activity, the company signed just four new leases in Q4 of last year after its failed IPO attempt. WeWork also cut approximately 19 percent of its workers, roughtly 2,400 jobs, to “create a more efficient organization.” The company’s valuation plunged from $47 billion to less than $8 billion.

Brookfield declined to comment on Manthrani’s new appointment. They had announced in early December of last year that Mathrani would depart and his last day of work would be Jan. 31, 2020.

WeWork’s founder Adam Neumann drew criticism and concern regarding his leadership style and erratic management decisions. After Newmann’s department, the company began its search for a new CEO in November