Real estate ace Sandeep Mathrani is the CEO of WeWork

WeWork appointed the real estate veteran as its new executive director as of February 18, replacing the two senior executive co-directors who have been running the program since the company he collaborated had a bad weather in September after his Initial public offer failed (IPO).

Mathrani, an American Indian, joins the American real estate management company Brookfield Properties, where he was the CEO of its retail division. He will be part of the board and inform executive president Marcelo Claure. He was also the CEO of Properties for eight years before his period at Brookfield. General Growth Properties, one of the largest mall operators in the US UU., Was acquired by Brookfield in 2018.

“We have led an exhaustive search to identify a collaborative partner that is dedicated to the future success of WeWork. Sandeep is that person. You are the partner of choice with the right skills and experience while working to execute the WeWork transformation. He is a proven leader with experience in the real estate industry, Claure said.

Mathrani said WeWork has redefined the way people and businesses work with an innovative platform. He said he has an exceptionally talented team and significant potential if he sticks to his shared values ​​and maintains the focus of his members first.

Live plus WeWork, now controlled by SoftBank, said co-CEOs and Sebastian Gunningham will remain during the transition period. While Minson was the chief operating officer, Gunningham joined as vice president after holding senior positions at Amazon and Apple.

Mathrani arrives after a tumultuous period for the New York-based firm. We-Work was shaken to the core after it withdrew its IPO after a warm response from investors and a collapse in its valuation. Subsequently, founder Adam Neumann resigned, and the first SoftBank sponsor entered with new funds to rescue him from bankruptcy.

The appointment shows that WeWork is trying to position itself as a real estate player focused on leasing out office spaces plus than as a technology startup based on the shared economy principle. A lot of investor scepticism during the IPO road show was because of the lack of clarity on what exactly the company’s business model was. People also wondered whether and how the company will turn profitable after guzzling billions of dollars in funding.

The company has plans to achieve profitability on an ebitda basis adjusted for 2021 and a positive free cash flow next year.