Second Major Exit in a Week: WeWork CFO Resigns

WeWork’s CFO, Andre Fernandez, is set to resign on June 1, according to an announcement by the company. Fernandez’s departure comes less than a year after assuming the role and follows the recent exit of WeWork’s CEO, Sandeep Mathrani.

Taking over as CFO will be Kurt Wehner, who currently serves as the Chief Accounting Officer at WeWork. Wehner joined the company in October 2020 and previously held the position of accounting chief at media firm Discovery Inc.

WeWork clarified that Fernandez’s resignation was not due to any disagreements. Outgoing CEO Sandeep Mathrani expressed appreciation for Fernandez’s partnership and dedication, recognizing his contributions in debt restructuring and driving the company towards EBITDA profitability.

To address its financial challenges, WeWork reached agreements in March to reduce its debt by approximately $1.5 billion and extend certain maturity dates, aiming to preserve cash. The company has been affected by widespread layoffs in the tech sector over the past nine months, despite benefiting from the shift towards flexible work outside traditional offices driven by the pandemic.

WeWork’s shares have experienced a significant decline of about 87% this year. The company, once valued at $47 billion in 2019, currently holds a market capitalization of $404.7 million as of the latest close.