WeWork CFO resignation marks second main exit in per week

(Reuters) -WeWork Inc CFO Andre Fernandez intends to resign on June 1, the corporate stated on Wednesday, lower than a 12 months into the function and days after high boss Sandeep Mathrani introduced his exit from the workspace supplier.

Chief Accounting Officer Kurt Wehner, who joined WeWork in October 2020, will take over as CFO. He beforehand served because the accounting chief at media agency Discovery (NASDAQ:) Inc.

Fernandez’s resignation was not a results of any disagreement, the corporate stated.

“I wish 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,” stated outgoing CEO Mathrani.

WeWork in March struck offers to chop its debt by about $1.5 billion and prolong the date of some maturities to protect money because it struggles to show a quarterly revenue since going public.

The corporate, which benefited from a pandemic-driven shift to versatile work exterior conventional places of work, has been impacted by mass layoffs throughout the tech sector over the previous 9 months.

WeWork shares have fallen about 87% up to now this 12 months. The versatile work supplier, which was valued at $47 billion in 2019, now has a market capital of $404.7 million as of final shut.