Embattled coworking startup WeWork has named a well-known commercial real estate executive as its new CEO, the company said Saturday.

Sandeep Mathrani, formerly the CEO of GGP, will replace the struggling company's interim co-CEOs, Sebastian Gunningham and Artie Minson, who were installed after the company's planned IPO collapsed last autumn.

Once valued at $47B, SoftBank-backed WeWork imploded after its IPO collapsed, forcing it to sell off assets and reconfigure its C-suite.

All of that kept focus on the coworking pioneer's books for Wall Street and the larger coworking ecosystem, prompting massive write-downs on its valuation and leading to the ouster of founder and CEO Adam Neumann.

Mathrani will report to the company's executive chairman, Marcelo Claure, who is also the chief operating officer of SoftBank Group, WeWork's majority owner.

A well-regarded CRE executive, Mathrani oversaw Brookfield Properties' retail group after the Canadian asset management giant acquired GGP. His start date is Feb. 18.

WeWork is currently on a five-year business plan to salvage what it can from its original business model, and will have over $6B from SoftBank to do so, according to The New York Times. T-Mobile US Inc. CEO John Legere was also reportedly considered for the job.