WeWork names former E&Y executive as its new COO
Coworking startup WeWork has named Shyam Gidumal, a former Ernst & Young executive, as its new chief operating officer. This is the first major executive appointment under the new CEO Sandeep Mathrani.
The appointment comes a few days after the new CEO formally took charge of the SoftBank-controlled coworking startup. Mathrani was roped in as the CEO earlier this month.
In a statement, Mathrani said, “Shyam has been an invaluable partner to me for many years during critical business inflection points, helping to focus operations and organizations including at Vornado, and repositioning companies for effective growth. We look forward to continuing to add to the WeWork senior leadership team.”
Shyam was a former partner at Boston Consulting Group and previously served as a partner and principal at Ernst & Young, where he was responsible for the retail and consumer products market segment.
The latest appointments are part of a broader top-level management re-jig at WeWork. Mathrani's appointment came at a crucial time when WeWork is trying to stabilize its business following a tumultuous last year wherein it failed to go public last year and the departure of its co-founder and former CEO Adam Neumann.
Earlier, this month, it also announced the appointment of Kirthiga Reddy to its board. A technology executive and Partner at SoftBank Investment Advisers, Reddy brings a wealth of relevant product, marketing, and technology expertise to WeWork’s member-focused business. In the pipeline are plans to hire a new CFO as well. With WeWork hoping to achieve profitability on an adjusted EBITDA basis by 2021 and positive free cash flow in 2022, the new management team has its task cut out for in the coming months.