WeWork Inc said on Tuesday that Sandeep Mathrani would step down as the workspace provider's chief executive officer, effective May 26.

Mathrani, a real estate industry veteran, was named WeWork CEO in 2020 and tasked with the company's turnaround following a botched IPO attempt and amid rising investor concerns over corporate governance standards.

Separately, Sycamore Partners said Mathrani had been appointed as a director at the private equity firm.

WeWork said board member David Tolley has been named as interim CEO and will work alongside its president and chief operating officer, Anthony Yazbeck.

The company added lead independent director Daniel Hurwitz would serve as chairman of the board and head a special committee to search for a permanent CEO.

(Reporting by Ananya Mariam Rajesh in Bengaluru; Editing by Vinay Dwivedi)