FILE PHOTO: A WeWork logo is seen at a WeWork office in San Francisco, California, U.S. September 30, 2019. REUTERS/Kate Munsch -/File Photo
(Reuters) – Softbank (9984.T)-backed office sharing firm WeWork plans to name real estate industry veteran Sandeep Mathrani as its new chief executive, people familiar with the matter said on Saturday.
Sebastian Gunningham and Artie Minson who are currently co-CEO’s of WeWork parent, The We Company, will remain with the company at least through a transition period, the people said.
The CEO search was handled by the WeWork board without an external executive search firm, the sources said, adding that a couple of search firms were initially considered.
WeWork did not immediately respond to requests for comment.
Mathrani will bring much-needed real estate experience to WeWork. He is the former chief executive of Brookfield Properties’ retail group, and prior to that headed real estate firms including Vornado Realty Trust.
Brookfield did not immediately respond to a request for comment.
WeWork began its search for a new CEO in November following the departure of co-founder Adam Neumann, who drew criticism for his erratic management style.
WeWork’s IPO was shelved last year and the company recorded a steep plunge in valuation, to less than $8 billion from $47 billion.
The news about Mathrani was reported earlier on Saturday by The Wall Street Journal.
Reporting by Aishwarya Nair and Anirban Sen in Bengaluru and Joshua Franklin in New York; Additional reporting by Herbert Lash in New York; Editing by Bill Berkrot and Daniel Wallis