Feb 3, 2020 - Economy

WeWork names real estate veteran Sandeep Mathrani as new CEO

WeWork logo in Buenos Aires

Photo: Alex Tai/SOPA Images/LightRocket via Getty Images

WeWork has named real-estate-industry veteran Sandeep Mathrani as its new CEO, the Wall Street Journal reports.

Why it matters: The hire is the company's first significant step since its co-founder Adam Neumann stepped down from the position last September.

  • WeWork’s valuation plummeted more than 80% since 2019, forcing it to seek lifeline from its parent company SoftBank Group, according to the WSJ.

Our thought bubble, via Axios' Dan Primack: This is WeWork telling the world that it's a real estate company, not a tech company seeking "to elevate the world's consciousness."

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