WeWork Inc announced on Wednesday that Chief Financial Officer Andre Fernandez will be resigning on June 1. Kurt Wehner, who joined WeWork in October 2020 and previously served as the accounting chief at media firm Discovery Inc, will take over as CFO. Fernandez’s resignation was not a result of any disagreement, the company said.
WeWork has been struggling to turn a quarterly profit since going public and has been impacted by mass layoffs across the tech sector over the past nine months. In March, the company struck deals to cut its debt by about $1.5 billion and extend the date of some maturities to preserve cash. WeWork shares have fallen about 87% so far this year, with the company now having a market capital of $404.7 million as of last close.
Outgoing CEO Sandeep Mathrani thanked Fernandez for his partnership and dedication to the company, saying he helped to restructure the company’s debt and drive it towards EBITDA profitability.