WeWork Inc. chief executive officer and chairman Sandeep Mathrani is stepping down to take a job at Sycamore Partners. David Tolley, a WeWork board member and telecommunications professional, will become interim CEO, according to Bloomberg News.
Mathrani, who previously ran Brookfield Properties‘ retail group, will become a director at Sycamore, reported Bloomberg. Another board member, Daniel Hurwitz will become chairman and lead a committee to seek a permanent CEO. Mathrani’s exit is effective May 26.
“Sandeep has invaluable operating experience over many cycles and I am confident that his real estate expertise will enhance Sycamore’s ability to realize value across our portfolio,” says Sycamore managing director Stefan Kaluzny.