2023-05-16 16:40:24 ET
WeWork ( NYSE: WE ) said Tuesday that Sandeep Mathrani will step down as chairman, CEO and director of the flexible space provider starting May 26th.
In turn, board member David Tolley has been appointed as interim CEO and will work alongside the coworking company's president and chief operating officer Anthony Yazbeck.
Lead Independent Director Daniel Hurwitz will now serve as chair of the board and lead a special committee to search for a permanent CEO.
Mathrani joined WeWork ( WE ) in February 2020 in an effort to turn around its profitability amid a global pandemic and a challenging macroeconomic backdrop. Under his leadership, WE has made significant progress in cutting costs, restructured and bolstered its balance sheet, and optimized its global real estate portfolio.
Elsewhere, the company reaffirmed its second-quarter guidance provided on May 9, calling for revenue of $840M to $865M, vs. $863.8M consensus (four estimates), and adjusted EBITDA of -$10M to $15M.
More on WeWork
-
WeWork CEO looks to Uber for next step in office-leasing model - report
-
WeWork venture said to default on $240M loan for San Francisco office building
For further details see:
WeWork CEO Sandeep Mathrani will step down after three-year tenure