{"id":1004387354,"date":"2020-02-03T07:51:52","date_gmt":"2020-02-03T15:51:52","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004387354"},"modified":"2020-02-03T07:56:55","modified_gmt":"2020-02-03T15:56:55","slug":"wework-taps-brookfields-mathrani-as-ceo","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/wework-taps-brookfields-mathrani-as-ceo\/","title":{"rendered":"WeWork Taps Brookfield’s Mathrani as CEO"},"content":{"rendered":"
\"Sandeep<\/a>

Sandeep Mathrani Photo courtesy of Brookfield Properties<\/em><\/p><\/div>\n

WeWork is turning to one of retail real estate\u2019s top executives as its next CEO. The shared-space provider confirmed on Sunday that Sandeep Mathrani, who most recently headed Brookfield Properties’ retail division, will join WeWork on Feb. 18.<\/p>\n

In a statement announcing the appointment, WeWork\u2019s executive chairman, Marcelo Claure, cited Mathrani\u2019s extensive turnaround experience. He was instrumental in the revival of General Growth Properties. Part of the group that recapitalized GGP in 2010, he served as CEO from January 2011 to August 2018 and led the company out of the largest bankruptcy in the history of the real estate industry.<\/p>\n

In 2018, Mathrani\u2019s stewardship culminated in GGP\u2019s $15 billion acquisition by Brookfield Properties. <\/a>By 2019, occupancy at the portfolio had reached 96 percent during a challenging time for retail owners. Mathrani\u2019s accomplishments earned him recognition as CPE\u2019s 2019 Retail Executive of the Year. The award is voted by the CPE 100, an invited group of industry leaders.<\/p>\n

Speculation about Mathrani\u2019s next move began swirling in early January, when his imminent departure was reported by the Commercial Observer<\/em>.<\/p>\n

Before joining GGP in 2010, Mathrani was president of Vornado Realty Trust\u2019s retail division and oversaw the REIT\u2019s office portfolio in India. That followed nearly a decade at Forest City Ratner, where he oversaw the company\u2019s retail expansion in New York City.<\/p>\n

The statement announcing the appointment detailed steps taken by WeWork since the departure in September of CEO & co-founder Adam Neumann in the wake of a scuttled IPO. Neumann\u2019s successors as co-CEOs were Artie Minson, previously WeWork\u2019s president & COO, and Sebastian Gunningham, who had been the firm\u2019s vice chairman.<\/p>\n

Those steps include the development of a five-year strategic plan for growth and transformation; a five year financial plan that targets profitability on an adjusted EBITDA basis by 2021 and a positive free cash flow the following year; a solid liquidity position; and structural changes to its operating model and organizational changes intended to ensure execution and accountability.<\/p>\n","protected":false},"excerpt":{"rendered":"

The veteran retail executive and former GGP leader will step into his new role on Feb. 18.<\/p>\n","protected":false},"author":445,"featured_media":1004387120,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,23891,21742,21747,21744,21749],"tags":[33497,38592,38610,33030,33678],"class_list":["post-1004387354","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-national","category-latest","category-office","category-people","category-retail","tag-brookfield-properties","tag-forest-city-ratner-companies","tag-ggp","tag-vornado-realty-trust","tag-wework"],"acf":[],"yoast_head":"\nWeWork Taps Brookfield's Mathrani as CEO - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/wework-taps-brookfields-mathrani-as-ceo\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"WeWork Taps Brookfield's Mathrani as CEO\" \/>\n<meta property=\"og:description\" content=\"The veteran retail executive and former GGP leader will step into his new role on Feb. 18.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/wework-taps-brookfields-mathrani-as-ceo\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2020-02-03T15:51:52+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-02-03T15:56:55+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/01\/HEADSHOT-MATHRANI-res.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Paul Rosta\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/wework-taps-brookfields-mathrani-as-ceo\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wework-taps-brookfields-mathrani-as-ceo\/\",\"name\":\"WeWork Taps Brookfield's Mathrani as CEO - 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