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WeWork to appoint real estate veteran as CEO

|About: The We Company (WE)|By: , SA News Editor

WeWork (WE) is looking to turn over a new leaf by naming real estate industry veteran Sandeep Mathrani as its new chief executive, WSJ reports.

It's a critical step in the company's bid to rebuild its image following a failed IPO attempt last year that saw the departure of co-founder and former CEO Adam Neumann, a subsequent bailout by major stakeholder Softbank (OTCPK:SFTBY), and steep plunge in valuation to less than $8B (from $47B).

Mathrani currently serves as CEO of Brookfield Property Partners' (NASDAQ:BPY) retail group, and prior to that he was an executive at real estate firms including Vornado Realty Trust.