Office-space company Knotel has installed a new chief financial officer, as the firm cuts back on growth to pursue profit.
The firm said Wednesday it had hired John Jureller, a former managing director at private equity consulting firm Accordion Partners. He has also held similar roles at telecommunications company Frontier Communications and private equity firm General Atlantic.
Amol Sarva, Knotel’s co-founder and CEO, has committed to being “open and accountable” this year, as the firm faced growing scrutiny over vacancy rates, late payments to vendors and a pullback in leasing activity, issues previously documented in a report by The Real Deal.
The company still has no timeframe on profitability, but Sarva has previously said he expects Knotel to be “cash-flow break even” by the end of the year.
The firm last year raised $190 million in equity, earning it a $1.3 billion valuation. The firm also entered into a joint venture with Wafra Capital Partners, a subsidiary of Kuwait’s sovereign wealth fund, said to be valued at $250 million. The company has not disclosed the purpose of the fund.