Sandeep Mathrani
Sandeep Mathrani | |
|---|---|
 | |
| Born | 1962 (age 60–61) Gujarat, India |
| Education | Cathedral and John Connon School Stevens Institute of Technology (BA, MS) |
| Occupation | CEO, WeWork |
| Spouse | Ayesha Bulchandani-Mathrani[1] |
Sandeep Mathrani (born 1962) is an Indian-American real estate executive and the chief executive of WeWork, following the ouster of its former CEO, Adam Neumann. Prior to WeWork, he was the CEO of GGP Inc and the retail group of its parent company Brookfield Property Partners.
Early life and education
Mathrani was born and raised in Gujarat, India. He went to high school at Cathedral and John Connon School in Mumbai, India.[citation needed] He emigrated to Philadelphia in the United States alone at the age of 16.[citation needed] In 1983, he graduated from college at the Stevens Institute of Technology in Hoboken, New Jersey, obtaining his bachelor's degree in engineering and management science.[citation needed] In 1986, he obtained his master's degree in engineering from Stevens.[2] According to Mathrani, he first got into real estate in 1986 by selling a used Nissan Sentra and using the proceeds to buy and flip[clarification needed] an apartment building in Washington, D.C. for a $20,000 profit.[2] In fact, he generated the funds in part by selling the Nissan and also by borrowing money using his credit card and securing a $52,000 loan from the US Federal Housing Administration (FHA).[3] He was mentored by two real estate giants, Bruce Ratner and Steven Roth (of the Vornado real estate giant).[2][3]
Business career
Mathrani began as the CEO of GGP Inc. in 2011, just as the company was emerging from Chapter 11 bankruptcy. He was hired away from his previous job as an executive with Vornado Realty Trust, the company owned by his mentor.[3] He was CEO until 2018, when it was purchased by Brookfield Property.[4] When the company was bought out, Mathrani netted roughly $189 million through the cash-and-stock takeover, which represented a combination of his golden parachute as CEO as well as the value of his shares.[4] After the acquisition, Mathrani joined Brookfield as the chief executive of its retail property management arm.[5][4]
In February 2020, Mathrani was brought on board as the new CEO of the struggling real estate company WeWork, following the ouster of its CEO Adam Neumann and the collapse of its IPO.[6]
See also
References
- ^ "This is everything we know about WeWork's new CEO Sandeep Mathrani, a former real estate executive who has been called a 'corporate turnaround artist'". Business Insider.
- ^ a b c Moin, David (October 30, 2012). "Jewish Committee honors Sandeep Mathrani". World Week Daily. Retrieved February 1, 2020.
- ^ a b c Gustafson, Krystyna (April 19, 2016). "How $20,000 created a mall industry titan". CNBC News. Retrieved January 1, 2020.
- ^ a b c Gallun, Abby (May 3, 2018). "CEO in line to get $189 million in sale of GGP". Crain's Chicago Business News. Retrieved February 1, 2020.
- ^ Gasparino, Charlie (February 1, 2020). "WeWork parent to name real-estate veteran Sandeep Mathrani new CEO". FOX Business. Retrieved February 1, 2020.
- ^ Eavis, Peter (February 1, 2020). "WeWork to Name New Chief". The New York Times. Retrieved February 1, 2020.
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