NEW YORK (CBSNewYork) – WeWork has appointed a seasoned real estate executive as CEO in an attempt to turnaround the troubled company.
Sandeep Mathrani will take over this month. He most recently served as CEO of Brookfield Properties retail group.
WeWork, which buys properties and then rents the space and has become both the biggest tenant in New York City and a major force in driving commercial real estate prices around the U.S, lost almost $2 billion last year.
The company has been struggling after a failed attempt at an initial public offering.
WeWork’s co-founder Adam Neumann was forced out of his position as CEO in September 2019.