WeWork has named Sandeep Mathrani as its new chief executive, the company announced Saturday night. The move comes as the company attempts to rebuild its reputation following its ill-fated IPO last year.
According to The Wall Street Journal, which first reported the news, Mathrani previously served as the chief executive of Brookfield Property Partners’ retail group. Mathrani was recruited by WeWork Executive Chairman Marcelo Claure and will report to him, according to the WSJ report.
Mathrani will replace Artie Minson and Sebastian Gunningham, who have served as co-CEOs of the company since WeWork’s founder and former CEO Adam Neumann left the company in September 2019, the WSJ said.
As Business Insider previously reported, a leaked memo revealed that the troubled company failed to meet its own key growth target in Q4 of 2019, hitting just 73% of its own goal.
WeWork filed its IPO paperwork in August 2019, though immediately after faced scrutiny from investors and the media over its plans for profitability. Following the failed IPO, SoftBank, WeWork’s biggest investor, took control and gave Neumann some $1.7 billion to step down from the company‘s board of directors.
The company has worked to modify its culture and announced in January plans to remove its free beer and wine taps globally by the end of February.
WeWork did not respond to Business Insider’s request for comment.