Troubled coworking giant WeWork recently hired real estate veteran Sandeep Mathrani to become its new CEO after Adam Neumann was pushed out by investors.
Mathrani’s appointment solidifies what WeWork really is: a real estate company, rather than a technology company, despite WeWork’s claims to the latter.
“Sandeep is basically the anti-Adam Neumann,” said Dror Poleg, a former advisor to flexible office provider Breather and the co-chair of the Urban Land Institute’s Technology & Innovation Council. “He has classic real estate experience working for the largest companies in the space.”
Poleg added: “It is a real estate company; it’s not a tech company. Real estate was a significant part of its business, but to bring in someone from retail, WeWork acknowledges real estate is important.”
In a statement put out by WeWork last week, Mathrani said:
“I am honored to be joining WeWork at this pivotal time in its history. The company has redefined how people and companies approach work with an innovative platform, exceptionally talented team, and significant potential if we stick to our shared values and maintain our members-first focus.”