WeWork CEO Mathrani stepping down; Tolley to become interim CEO
BNN Bloomberg
WeWork Inc. Chief Executive Officer and Chairman Sandeep Mathrani is stepping down to take a job at Sycamore Partners, bringing fresh upheaval to a former high-flier in the midst of a restructuring effort.
David Tolley, a WeWork board member and telecom veteran, will become interim CEO, according to a statement Tuesday. Another board member, Daniel Hurwitz, will become chairman and lead a committee to seek a permanent CEO. Mathrani’s exit is effective May 26.
“Having worked with David Tolley over the last several months, I know that his financial acumen and leadership will keep WeWork moving forward as it continues to disrupt and lead the industry,” Mathrani said.
Mathrani was enlisted in February 2020 to stabilize an office-space company reeling from management problems and real estate pressures. Since the end of 2019, WeWork eliminated US$2.3 billion in recurring costs, and it’s been working to restructure its debt. But the Covid-19 pandemic and the work-from-home shift has brought added woes to the former venture capital darling.
