WeWork downturn is over as the name of the new CEO has been announced and it is an Indian-American named Sandeep Mathrani. The move was taken to bring the company on the track as the financial report of the fourth quarter of 2019 was poor, with the company failing to meet its own goal.
The new CEO will replace the Co-CEOs, Artie Minson and Sebastian Gunningham and will report to the Executive Chairman of WeWork.
Sandeep Mathrani possess an outstanding CV
Sandeep Mathrani was the ideal choice for WeWork just because of the strong leadership and years of experience in the industry. In short, the portfolio of Mathrani was outstanding; he was also a member of the executive board in several real estate agencies including the International Council for Shopping Center.
Will the new CEO heal the damaged reputation caused by the IPO?
The IPO incident happened last year in the month of September. Actually, the IPO was issued on August 2019 and thereafter, it went for the scrutiny by the investors and shocking results came thereafter. The company reported a loss in the first quarter of 2019 and it was quite staggering. As per the reports, the loss was $1.5 billion, bringing the company’s evaluation below $10 billion.
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Since then WeWork has faced challenging months and to bring back the company at the top, a leader with the utmost skills was the need of the hour. Sandeep Mathrani announcement as the CEO could just be the impetus that WeWork needs for growth.
Challenges for Sandeep Mathrani
As the new CEO, there will be several awaiting challenges in front of Mathrani and he needs to tackle them effectively. The major one is to rebuild the company and to build the investor’s trust again. Another one is to take the company at top-height in the real estate field.