WeWork CEO faces criticism for workers comment

Yahoo Finance Video

May 13, 2021 at 11:26 AM

Brian Sozzi, Myles Udland, and Julie Hyman discuss the backlash WeWork CEO, Sandeep Mathrani, is facing after he said “least engaged" workers "are very comfortable working from home”.

Video Transcript

JULIE HYMAN: What is it about being the CEO of WeWork that causes one to say things that don't always make people too happy? Sandeep Mathrani is the current CEO of the company. And yesterday, he said in a Wall Street Journal event about going back to work, those who are at least engaged are very comfortable working from home. Those who are uberly engaged with the company want to go to the office 2/3 of the time at least. And Brian, his comments are not been welcomed by many people who enjoy working at home for a host of different reasons.

BRIAN SOZZI: Well, I would say this. Let me start this off. I don't think-- I think Sandeep is a headline nightmare. And I go back to 2016, the last time I talked to him when he was the CEO of General Growth Properties. I remember him telling me at the time that he sees no reason for Gap to have 800 plus stores open. And I remember at the time the folks at Gap were not too happy with him when he made those comments to me. But nonetheless, it's a terrible-- it's a terrible headline. You're a new CEO of WeWork. You're trying to build credibility back out into the market. You're getting ready potentially to be a pub-- that public company. You don't want to hear these things.

Now on this topic specifically, what is he talking about? I mean, what, you work less because you're working at home? I practically get no sleep. I'm always working. This guy is clueless. He's absolutely clueless.

MYLES UDLAND: I mean, [INAUDIBLE].

JULIE HYMAN: [INAUDIBLE]

BRIAN SOZZI: I'm actually visibly upset because I think he's completely out to lunch. I know he has a line to tote. He's the CEO of WeWork. He wants to see humans in offices. But he's lost touch with reality. This is just doesn't make any sense.

MYLES UDLAND: See, that's the thing for me, Sozzi, is like, it's the perfect headline to generate a reaction. But I can't generate much of a reaction, other than Barbara says you need a haircut. I mean, he's just talking his book. That's it. He's saying, we have empty offices. We're on the hook for the leases. And so, it should be good to go to work.

I don't really-- I don't see a lot more in it other than that. And also, I guess, other than, like, for myself, I'm probably never going to work at a company that he's running because I don't agree with the sentiment. He's been very public about how he sees it. So, OK. So there's one future employer gone. And the area landlord needs rents. I don't know. I appreciate your passion. I don't find myself getting as worked up, though.

JULIE HYMAN: I mean, is he so wrong, though? I mean--

MYLES UDLAND: Yes.

JULIE HYMAN: --when you see people--

BRIAN SOZZI: Yes, he's wrong.

JULIE HYMAN: When you see people in person, aren't you more engaged with them than when you see them remotely?

MYLES UDLAND: Eh, but OK, but--

BRIAN SOZZI: He's basically saying, I think, you're a lazy slob if you want to sit home and work. And he's just completely out to lunch. Doesn't get it. Does not get it. Another fat cat CEO completely out to lunch.

MYLES UDLAND: I just don't think that-- I don't see corporate culture, from this point forward, rewarding the kind of just being in the office to say you were in the office working late to show that you're working late. I don't see that that kind of behavior should be rewarded because it hasn't been rewarded because it didn't need to be rewarded. And we realized that it was actually kind of foolish to reward those people for that specific reason anyway. So I think he's wrong.

JULIE HYMAN: Fair enough. I like seeing people in person, though. There's a lot to be said for that and the engagement that it provides. I hope to see all of you in person very soon.

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