Knotel hires Accordion Partners executive as CFO

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

TRD NATIONAL /
Mar.March 11, 2020 03:30 PM
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

arrow_forward_ios
2450 Colorado Avenue and IWG CEO Martijn Roordink (Credit: Google Maps and Eóin Noonan/Sportsfile via Getty Images)

Co-working firm Spaces sues landlord over $5.4M in tenant improvements

Co-working firm Spaces sues landlord over $5.4M in tenant improvements
Amol Sarva and 643 Olive Street (Credit: Google Maps)

Knotel no pay: Lawsuit says company broke profit-sharing agreement

Knotel no pay: Lawsuit says company broke profit-sharing agreement
NeueHouse is preparing to open Venice co-working space

NeueHouse is preparing to open Venice co-working space

NeueHouse is preparing to open Venice co-working space
From left: Hiten Samtani, Bridgid Coulter of Blackbird, Kat Lau from Industrious and Jim Doorne of IWG

What’s next for the co-working business?

What’s next for the co-working business?
From left: Bridgid Coulter of Blackbird, Kat Lau from Industrious and Jim Doorne of IWG

TRD panel: Co-working after the We-pocalypse

TRD panel: Co-working after the We-pocalypse
From left: Adam Neumann and Sundar Pichai (Credit: Getty Images and iStock)

Google, WeWork propel co-working and tech firms to LA leasing title

Google, WeWork propel co-working and tech firms to LA leasing title
The building with Cross Campus founder Ronen Olshansky and Suge Knight

From The Chronic to co-working: Cross Campus’ LA expansion now includes former Death Row Records HQ

From The Chronic to co-working: Cross Campus’ LA expansion now includes former Death Row Records HQ
Justin Stewart, president and co-founder of Industrious

Co-working firm Industrious grows its reach to Pasadena

Co-working firm Industrious grows its reach to Pasadena
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...