Indian-origin software tycoon Anant Yardi has been appointed as the new CEO of WeWork, following his acquisition of a majority stake in the company.
This leadership change occurs as WeWork attempts to navigate through bankruptcy.
Anant Yardi, an alumnus of the Indian Institute of Technology (IIT) Delhi, moved to the United States in 1968. He topped the JEE entrance examinations in 1963 and earned a BTech degree, receiving the Director's gold medal at IIT Delhi. He later pursued a Master of Science degree in Engineering from the University of California, Berkeley.
Before founding his own company, Yardi spent 14 years at Burroughs Corporation (now Unisys), where he advanced his expertise in programming and systems development, eventually becoming the Director of Systems Development.
In 1984, Anant Yardi developed "Basic Property Management" software for the Apple II computer, which led to the founding of Yardi Systems. Under his leadership, Yardi Systems has thrived for 35 years, now generating nearly $3 billion annually and establishing Yardi as a billionaire.
Anant Yardi has invested over $200 million in equity and debt into WeWork over the past two years. The company, founded in 2010 by Adam Neumann and Miguel McKelvey, peaked at a valuation of $47 billion but filed for bankruptcy in November 2023. By April 2024, its valuation had plummeted to $750 million.
Yardi's contributions to automation systems have earned him significant accolades, including the ‘Digie’ award by Realcomm in 2004. He was also inducted into the Multi-Housing News ‘Hall of Fame’ the same year.