WeWork announces CEO transition, stock down 76% YTD

WeWork Inc (NYSE:) shares rose more than 2% after-hours following the company’s announcement, according to which Sandeep Mathrani will be stepping down as Chairman, CEO, and director of the company, effective May 26.

Shares are down around 76% year-to-date.

David Tolley, the current Board member, has been appointed as interim CEO and will work alongside the company’s President and COO Anthony Yazbeck.

Daniel Hurwitz, lead independent Director, will now serve as Chairman of the Board and lead a special committee to search for a permanent CEO.

The company reported its last week, beating EPS estimates and reaffirming its Q2 guidance.