WeWork has named a new chief financial officer, the third changeover in the role since March 2020.
The co-working giant on Thursday named Andre Fernandez as CFO, effective June 10. He’ll replace Benjamin Dunham, who is departing after about 18 months on the job.
Dunham is not leaving because of financial disclosure issues or accounting matters, according to the Wall Street Journal, but his next steps are unknown.
Fernandez previously served as the CFO at Atlanta-based software company NCR Corporation. He’s also served as an executive with CBS Radio and Journal Communications, where he also was the CFO.
WeWork CEO Sandeep Mathrani said in prepared statements Fernandez will be part of a transition for the company as it shifts “from transformation to growth and innovation.”
The CFO position has been a game of musical chairs in recent years. In March 2020, 25-year corporate finance veteran Kimberly Ross took the position, only to step down for “personal reasons” after six months. Dunham then took up the role, moving over from being head finance officer for WeWork’s Americas division.
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This is one of several leadership changes at the company in recent months. In March, WeWork announced Mathrani would also be taking on the position of chairman, replacing Marcelo Claure after he left his roles at WeWork and Softbank following a reported disagreement over compensation.
Analysts largely cast the move as positive in notes to their clients reported by the Journal, but Josh Wimberley, founder of executive recruiting firm LeadChange LLC, told the outlet the turnover was “definitely not standard.”
WeWork’s stock rose 3.09 percent to $7.00 on Thursday, but the stock is down 18 percent overall from the start of the year.
WeWork, which went public in October 2021 after merging with a SPAC, is coming off of a quarterly performance better than revenue guidance forecasted. WeWork generated $765 million in revenue in the first quarter, up 7 percent from the previous quarter and 28 percent year-over-year.
Company guidance forecasts revenue between $800 million and $825 million for the second quarter.
[WSJ] — Holden Walter-Warner