WeWork CFO to Depart as Coworking Giant Loses Another Exec
By Mark Hallum May 25, 2023 3:35 pm
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WeWork Chief Financial Officer Andre Fernandez is quitting after only one year on the job, the second C-suite executive at the coworking firm to hand in a resignation this month.
Fernandez’s resignation as of June 1 comes less than two weeks after the company announced that CEO Sandeep Mathrani would be making his exit amid tumultuous developments at WeWork such as a slipping credit rating and a possible delisting from the New York Stock Exchange.
Chief Accounting Officer Kurt Wehner will take over for Fernandez, according to Reuters.
“I would like to thank Andre for his partnership and dedication to the company as he helped to restructure our debt and drive the company towards [earnings before interest, taxes depreciation and amortization] profitability,” Mathrani said in a statement.
Mathrani is joining private equity firm Sycamore Partners as director, but it isn’t clear what is in store for Fernandez. WeWork did not immediately respond to a request for further comment.
WeWork’s future as a public company seems up in the air as shares continued to stay below $1 since being notified by the NYSE of the delisting. As of Thursday, WeWork’s stock was trading at about 20 cents per share. When it was notified in April, its shares traded at about 48 cents a share.
In March, WeWork came to an agreement with lenders and investors to restructure $3 billion in debt in the hope that shedding some of the burden would help carry it through the next few years.
Mark Hallum can be reached at mhallum@commercialobserver.com.
