Sandeep Mathrani, CEO of WeWork Has Been Chosen Chairman of The Board

Sandeep Mathrani, an Indian-American real estate sector veteran, was promoted to chief executive officer after the co-working startup's botched IPO bid almost three years ago.

His principal responsibilities had been to turn around the company's fortunes and strengthen its corporate governance mechanisms after founder CEO Adam Neumann's September 2019 decision to relinquish majority voting power.

This elevation follows yesterday's announcement of Raj Subramaniam as FedEx's CEO heir apparent. Subramaniam spent 31 years in the American delivery firm before being chosen Fred Smith's successor.

In comparison, Mathrani was hired as CEO of WeWork in 2020, after successfully reviving GGP Inc. after being designated CEO in 2011. GGP declared bankruptcy in 2009, but by 2018, Mathrani had achieved sufficient growth for Brookfield Property to acquire the firm.

Additionally, WeWork announced the hiring of Saurabh Jalan to its board of directors. Since 2015, Jalan has worked at SoftBank, where he was responsible for the Japanese company's investments in startups such as WeWork and T-Mobile US.