WeWork, once valued at $47 billion by private investors, emerged from bankruptcy on Tuesday with a new CEO from Cushman & Wakefield.
Commercial real estate veteran John Santora will replace David Tolley as CEO.WeWork filed for Chapter 11 bankruptcy protection in November, with total debts of $18.65 billion against assets of $15.06 billion. The Covid pandemic, which led to a surge in vacancies, coupled with an economic slump and steep downturn in tech valuations, contributed to WeWork's troubles.
Santora becomes WeWork's fourth permanent CEO in five years after the company's failed IPO in 2019 and subsequent restructuring. He replaces David Tolley, who began service as CEO in October. The announcement comes more than a week after WeWork'sof May 31. WeWork also announced a new board, including Anant Yardi, CEO of property management software company Yardi Systems.
During Tolley's brief tenure, WeWork entered bankruptcy protection. The company has since renegotiated more than 190 leases and exited more than 170 "unprofitable" locations, according to a companyThe downsizing of WeWork's real estate portfolio reduced annual rent and tenancy expenses by more than $800 million, and the company also secured $400 million of additional equity capital.
WeWork was founded in 2010 by Adam Neumann and Miguel McKelvey. Neumann led the company through years of historic growth and massive financing rounds. He was ousted in 2019 soon after WeWork's IPO prospectus was released. The company eventually went public in 2021 through a
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