Another head rolls at WeWork

Sarah Pontius, the firm’s global head of real estate partnerships, is among a string of recent departures

Sep.September 17, 2019 02:54 PM
Sarah Pontius (Credit: Union College)

Sarah Pontius (Credit: Union College)

Another WeWork executive is headed for the door.

Sarah Pontius, the firm’s global head of real estate partnerships, this week reached a “mutual agreement” with the company to leave the firm, people familiar with the matter told The Real Deal. One of those people said she would remain under contract until the end of the year, but would not say in what capacity.

WeWork declined to comment, and would not make Pontius available for an interview. Pontius did not respond to requests for comment.

Her departure comes as WeWork’s parent company has flip-flopped on plans for an IPO, and it
follows a string of high-profile exits from the office-space giant. This month, WeWork’s chief communications officer, Jennifer Skyler, left after nearly four years, an exit preceded by Dominic McMullan, vice president of communications, who departed in July.

Ted Stedem, WeWork’s global head of business and financial operations, left the company in August, shortly after the departure of WeWork chief brand officer Julie Rice, who joined the company after co-founding fitness startup Soul Cycle.

Pontius was brought on in November last year to set up regional operations and establish partnerships using her New York City real estate connections. She was recruited from CBRE where she was senior vice president in New York. Before that, she worked for a decade at Brookfield Property Partners, reaching the position of vice president.

In the past month, Wall Street investors have expressed unease about the We Company’s financial metrics and corporate governance policies. On Monday, the company confirmed that the IPO had been pushed back, but said it would proceed before the end of 2019.

During an all-hands meeting Tuesday, We Company executives told employees that the company needed to refine its message for investors before a roadshow could take place, CNBC reported.

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