Troubled co-working space provider WeWork announced that its CFO, Andre Fernandez (LinkedIn), will resign on June 1. This comes less than a year after assuming the role and shortly after the departure of the company’s top executive, Sandeep Mathrani. Kurt Wehner, the Chief Accounting Officer who joined WeWork in October 2020, will take over as CFO. Wehner brings prior experience as the accounting chief at the media firm Discovery.
WeWork‘s shares have plummeted by approximately 87% since the beginning of the year. Despite being valued at $47 billion in 2019, the flexible workspace provider currently has a market capitalization of $404.7 million as of the most recent close.
According to the company, Fernandez’s resignation is not due to disagreements. Outgoing CEO Mathrani expressed gratitude for Fernandez’s partnership and dedication in assisting with debt restructuring and driving the company towards achieving EBITDA profitability.
To alleviate its financial challenges and maintain cash reserves, WeWork finalized debt reduction agreements worth approximately $1.5 billion in March. The company has been striving to achieve quarterly profitability since going public but has faced difficulties amid widespread layoffs in the technology sector over the past nine months.