Sandeep Mathrani
About Sandeep Mathrani
Sandeep Mathrani (age 63) is an independent director of Lucky Strike Entertainment Corporation (LUCK) serving since 2021; he sits on the Audit Committee and Compensation Committee . He is Managing Director at Sycamore Partners and previously served as CEO of WeWork (Feb 2020–May 2023), CEO of Brookfield Properties Retail Group/Vice Chairman at Brookfield Properties (Aug 2018–Feb 2020), and CEO of GGP Inc. for eight years (2010–2018) . He holds a Master of Engineering, Master of Management Science, and a Bachelor of Engineering from Stevens Institute of Technology , and is classified as independent under NYSE rules .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| WeWork (NYSE: WEWK) | Chief Executive Officer, Director | Feb 2020–May 2023 | Led stabilization and strategic turnaround post-crisis |
| Brookfield Properties Retail Group / Brookfield Properties | CEO (Retail Group); Vice Chairman (Brookfield Properties) | Aug 2018–Feb 2020 | Oversight of U.S. retail portfolio |
| GGP Inc. | Chief Executive Officer | ~2010–2018 (8 years) | Strategic rebranding in 2017; led $9.25B acquisition by Brookfield Property Partners in 2018 |
| Vornado Realty Trust | President, Retail | Pre-2010 | Led U.S. retail real estate division |
| Forest City Ratner | Executive Vice President | ~1990s–2000s | Senior leadership in development |
External Roles
| Organization | Role | Status |
|---|---|---|
| Dick’s Sporting Goods (NYSE: DKS) | Director | Current |
| Tanger Factory Outlet Center, Inc. (NYSE: SKT) | Director | Current |
| Mindspace REIT | Director | Current |
| Host Hotels & Resorts, Inc. (Nasdaq: HST) | Director | Prior |
| International Council of Shopping Centers | Executive Board/Trustee | Prior |
| National Association of Real Estate Investment Trusts (NAREIT) | Executive Board; 2019 Chair | Prior |
Board Governance
- Committee assignments: Audit Committee (member); Compensation Committee (member). Audit is chaired by Robert J. Bass; Compensation is chaired by John A. Young .
- Independence: Mathrani is an independent director per NYSE rules , and the Board’s majority is independent with fully independent Audit, Compensation, and Nominating committees .
- Attendance and engagement: In fiscal 2025 the Board met 4 times; Audit, Compensation, and Nominating each met 4 times. Each director attended at least 75% of meetings of the Board and committees on which they served .
- Lead Independent Director: John A. Young serves as Lead Director, with defined responsibilities including presiding over executive sessions .
- Controlled company: LUCK is a “controlled company” under NYSE rules due to Mr. Shannon’s >50% voting power; while LUCK currently does not use controlled-company exemptions, it may in future, which reduces certain governance protections relative to non-controlled issuers .
- Hedging/pledging policy: Directors are prohibited from hedging or pledging company securities absent pre-approval per Corporate Governance Guidelines and Securities Trading Policy .
Fixed Compensation
| Component | Amount | Notes |
|---|---|---|
| Annual cash retainer (non-employee director) | $85,000 | Paid quarterly; Mathrani’s fees earned in FY2025 were $85,000 |
| Committee chair fees (if applicable) | $0 | Audit Chair $25,000; Comp Chair $20,000; Nominating Chair $15,000; Mathrani was not a chair |
| Lead Independent Director fee (if applicable) | $0 | Lead Independent Director receives $40,000; role held by John A. Young |
| Meeting fees | Not disclosed | No separate meeting fees disclosed |
Director compensation governance: The Compensation Committee reviewed director pay with Mercer in 2025; no changes made based on peer input .
Performance Compensation
| Equity Award | Grant Date | Shares | Grant Date Fair Value | Vesting |
|---|---|---|---|---|
| Annual RSU grant (FY2025) | Dec 10, 2024 | 10,727 | $130,000 (at $12.12 per share) | Vests at next annual meeting (Dec 9, 2025) or on death/disability; change in control accelerates vesting |
- Structure: Directors receive time-based RSUs annually; no performance metrics are attached to director equity awards .
Other Directorships & Interlocks
| Company | Overlap With LUCK | Potential Interlock/Conflict Noted |
|---|---|---|
| DKS, SKT, Mindspace REIT | None disclosed | No related-party transactions disclosed involving Mathrani; LUCK’s Related Person Transaction Policy requires audit committee review/approval of any such transactions >$120k . Controlled-company dynamics grant Atairos/Shannon director designation rights, but Mathrani’s independence is affirmed . |
Expertise & Qualifications
- Education: Master of Engineering, Master of Management Science, Bachelor of Engineering (Stevens Institute of Technology) .
- Domain expertise: Retail real estate operations, governance, M&A execution (e.g., $9.25B GGP sale to Brookfield), public company leadership (CEO roles), and board service across consumer and REIT sectors .
- Board qualifications emphasized: Corporate governance, management, operational, and strategic expertise .
Equity Ownership
| Holder | Class A Shares | Unvested RSUs | Total Beneficial Ownership | % of Class A | Notes |
|---|---|---|---|---|---|
| Sandeep Mathrani | 38,511 | 10,727 | 49,238 | * | RSUs vest Dec 9, 2025; “*” denotes <1% ownership; beneficial ownership includes RSUs per SEC rules . |
- Company policy prohibits director pledging/hedging without pre-approval; no pledges disclosed for Mathrani .
Governance Assessment
- Board effectiveness: Mathrani brings deep operational real estate and public-company CEO experience across WeWork, Brookfield, GGP, Vornado, and Forest City—aligned with LUCK’s location-based entertainment footprint and real estate-intensive operations .
- Independence and attendance: Independent status and service on both Audit and Compensation committees, with at least 75% attendance, supports oversight credibility .
- Compensation alignment: Director pay mix skews toward equity via annual RSUs ($130k) vs. cash retainer ($85k), aligning incentives with shareholder outcomes and minimizing cash-heavy structures .
- Conflicts/related parties: No Mathrani-related transactions disclosed; robust Related Person Transaction Policy; controlled-company status is a structural governance risk but currently mitigated by fully independent key committees and a majority-independent board .
- Red flags: Limited “skin-in-the-game” given <1% ownership is typical for outside directors, but remains a consideration for alignment; controlled-company structure could reduce investor protections if exemptions are later utilized .