Knotel is bringing on a WeWork veteran to help straighten out the bankrupt flex-operator.
Former WeWork vice chairman Michael Gross will join Knotel as its chief executive, the Wall Street Journal reported.
Gross’ first order of business will be to reduce Knotel’s significant losses. The company already plans to close a number of its locations as part of its bankruptcy restructuring. A judge last week approved Newmark’s purchase of Knotel.
“I see bankruptcy not as a reflection on the product, which was in many respects ahead of its time, but as a sign of the uncertainty in the market,” Gross told the Journal. “It’s very compelling to have Newmark behind us. We have deep resources.”
Knotel is also bringing Eric Gross, Michael’s brother, and Yoav Gery as co-presidents. Eric Gross recently served as an executive at WeWork, and Gery was recently president of Selina, the hospitality startup backed by WeWork co-founder Adam Neumann.
[WSJ] – Rich Bockmann