Knotel hires Accordion Partners executive as CFO

John Jureller arrives at the firm as the company winds back growth

Mar.March 11, 2020 11:05 AM
John Jureller and Amol Sarva of Knotel (Credit: Accordion; Wikipedia Commons)

John Jureller and Amol Sarva of Knotel (Credit: Accordion; Wikipedia Commons)

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.

Jureller’s hire comes after Knotel’s head of corporate finance left the company in January. Later that month, the firm laid off about two dozen employees in sales and marketing roles.

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.

Related Articles

Airbnb CEO Brian Chesky (Photo by Stefanie Keenan/Getty Images for Airbnb)

Airbnb’s $1B fundraise comes with a hefty valuation cut

Jetty's Michael Rudoy and Luke Cohler (Credit: Twitter; LinkedIn; iStock)

Rental insurance startup Jetty lays off 40% of staff

Spaces Event

Look inside: TRD‘s co-working event at SPACES’ Dumbo location

Industrious CEO Jamie Hodari (Credit: iStock; Illustration by The Real Deal)

Industrious slashes a third of its workforce

WeWork CEO Sandeep Mathrani and Softbank CEO Masayoshi Son (Credit: Mathrani by Neilson Barnard/Getty Images; Son by Alessandro Di Ciommo/NurPhoto via Getty Images)

WeWork asks landlords to cut rent bill as SoftBank abandons bailout

WeWork is facing backlash for its decision to stay open and charge membership fees, despite government measures to stop the spread of coronavirus. (Photo by Noam Galai/Getty Images)

WeWork under pressure for staying open in pandemic

Knotel CEO Amol Sarva 

Another huge round of layoffs for Knotel

WeWork CEO Sandeep Mathrani (Credit: background by Jeenah Moon/Getty Images)

WeWork offers staff $100-a-day bonuses to keep showing up