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WeWork’s losses narrow but are still huge
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Sandeep Mathrani succeeds Marcelo Claure as WeWork chairman
Co-working firm also appoints Saurabh Jalan, a partner at SoftBank, to its board
WeWork CEO Sandeep Mathrani will now take an additional role at the co-working company.
The company announced Tuesday that Mathrani will become WeWork’s chairman, a position held by Marcelo Claure until he left his roles at WeWork and Softbank after a reported disagreement over compensation. Claure was said to be seeking $2 billion from the Japanese investment company.
WeWork also appointed Saurabh Jalan, a partner at SoftBank Group, to WeWork’s board, filling a seat that had been held by Claure. Jalan oversees SoftBank’s stakes in WeWork, T-Mobile US, and Deutsche Telekom AG, among other companies.
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Mathrani, the former CEO of the retail giant GGP, was appointed CEO of WeWork in February 2020. Mathrani helped take the co-working company public through a special purpose acquisition company, or SPAC, last year.
Claure, who led SoftBank’s Latin American investment fund, was at odds with SoftBank over his responsibilities in addition to his compensation, a person familiar with the matter previously told The Real Deal. The person said the scope of assets that Claure oversaw was shrinking and that had become a point of contention.
Claure worked closely with SoftBank chairman and CEO Masayoshi Son, who tapped him to fix WeWork’s issues upon providing a golden parachute to the co-working company’s co-founder Adam Neumann to step down as CEO in 2019.
Claure had been chief operating officer of the Japanese investment company since 2018 after leading Sprint. He became executive chairman of WeWork in 2019.