WeWork (WE) Names Andre J. Fernandez As Chief Financial Officer, Reaffirms Second Quarter and Full-year Guidance

WeWork Inc. (NYSE: WE) ("WeWork" or the “Company”), a leading global flexible space provider, announced today the appointment of Andre J. Fernandez as Chief Financial Officer effective June 10, 2022.

Fernandez joins WeWork with more than thirty years of experience in financial and executive leadership roles. Most recently, Fernandez served as Executive Vice President & Chief Financial Officer of NCR Corporation, an $8 billion global leader in enterprise software, services and hardware for the banking, retail and hospitality industries. Prior to NCR Corporation, he held executive positions as President & Chief Executive Officer of CBS Radio; President & Chief Operating Officer of Journal Communications and prior to that, CFO at Journal Communications; and a variety of global financial leadership roles at the General Electric Company.

Mr. Fernandez currently serves on the boards of Givewith, Sachem Acquisition Corp., and Bankroll Club LLC, and previously served as Vice Chairman of the Board of Froedtert Health, as well as on the boards of directors of both Buffalo Wild Wings Inc. and the National Association of Broadcasters. Mr. Fernandez received a Bachelor’s degree in Economics from Harvard University.

Reporting directly to WeWork’s Chairman and CEO, Sandeep Mathrani, Fernandez will be responsible for global finance functions at WeWork including accounting, internal audit, financial planning & analysis, reporting, treasury, tax, and investor relations.

Sandeep Mathrani, CEO and Chairman of WeWork, said: “As we continue to advance our efforts to lead the flex space category, I am excited to welcome Andre, a seasoned public company CFO to WeWork’s executive team. With his demonstrated ability to balance operational excellence with financial discipline, Andre will provide instrumental leadership and direction as WeWork transitions from transformation to growth and innovation.”

Mathrani added: “We are sincerely grateful to Ben for his leadership during a critical time in the company’s transformation and wish him all the best in his future endeavors.”

Andre Fernandez said: “WeWork is a global visionary redefining the future of work, a future that focuses on creating a flexible, dynamic, and collaborative workplace environment for members and employees. Moving forward, WeWork’s key differentiation point of offering flexibility has never been more critical to companies of all sizes. I am excited to join Sandeep and the WeWork team to further this mission and continue strengthening the WeWork brand globally.”

The Company today also reaffirmed its second quarter and full-year guidance provided on May 12, 2022. In the Company’s Q1 2022 earnings release, WeWork updated its second quarter 2022 revenue guidance to $800 - 825 million, tightening the previous range of $775 - 825 million, and announced second quarter Adjusted EBITDA guidance of negative $125 to negative $175 million. The Company also updated its full year 2022 revenue guidance to $3.40 - 3.50 billion, a tightening of the $3.35 - 3.50 billion range provided previously and updated full-year 2022 Adjusted EBITDA guidance to negative $400 to negative $475 million, from negative $400 to negative $500 million provided previously. The Company’s guidance for the second quarter and the rest of the year excludes the impact of foreign exchange rate fluctuations.

Source: We Work

Category: Investor Relations

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