WeWork CEO Sandeep Mathrani is stepping down.
Effective May 26, Mathrani will leave WeWork and be replaced by Board Member David Tolley on an interim basis. The coworking giant announced the leadership change in a press release on Tuesday.
Mathrani is joining Sycamore Partners as a director leading its real estate activity.
No reason was given for Mathrani’s departure or the suddenness of WeWork’s announcement. Tolley, a former Blackstone private equity partner, joined WeWork’s board this year. A WeWork representative declined additional comment.
Mathrani spent over three years in WeWork’s top spot, succeeding interim co-CEOs Artie Minson and Sebastian Gunningham, who replaced co-founder Adam Neumann after his star fell in…