Dive Temporary:
- WeWork CFO Andre Fernandez is resigning efficient June 1 after simply six months within the position, he knowledgeable the New York-based co-working area supplier on Tuesday. “The resignation is just not the results of any disagreement with the Firm with respect to any matter regarding monetary controls, monetary statements or another operations,” based on a submitting with the Securities and Trade Fee.
- Kurt Wehner, present chief accounting officer, will take over the monetary helm as Fernandez’s substitute, additionally efficient June 1, the submitting stated.
- Fernandez’s swift exit follows the departure of his former C-suite colleague Sandeep Mathrani, who notified WeWork on Could 10 that he can be resigning from his place as CEO.
Dive Perception:
With Wehner taking the monetary helm, WeWork is welcoming its fourth CFO to the seat since March of 2020. Previous to Fernandez’s departure, Benjamin Dunham left the co-working area supplier in Could 2022, additionally after a brief 18 months at his put up, the Wall Avenue Journal beforehand reported.
Wehner joined WeWork in 2020 as chief accounting officer and was beforehand the chief accounting officer at Discovery from 2011 to 2020, the SEC submitting stated. The corporate additionally not too long ago appointed David Tolley as interim CEO and Daniel Hurwitz as chairman of the board, each efficient Could 26. Hurwitz may also be main a committee to seek for a everlasting substitute for the highest govt seat, the submitting stated.
“I want to thank Andre for his partnership and dedication to the corporate as he helped to restructure our debt and drive the corporate in the direction of EBITDA profitability,” outgoing CEO Mathrani stated of Fernandez’s departure, based on a Reuters report.
In March, the workspace supplier struck a deal backed by SoftBank to chop its internet debt by roughly $1.5 billion and prolong new capital commitments of over $1 billion as soon as accomplished, the corporate introduced in a press launch.
With finance chiefs shuffling out and in, the corporate has been struggling since 2016 — its working bills have elevated by $3.8 billion previously seven years, SeekingAlpha reported — and now, has been affected by huge tech layoffs over the previous a number of months.
