WeWork emerges from bankruptcy, announces John Santora as new CEO | MuaneToraya

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A WeWork co-working bureau abstraction successful New York, US, connected Tuesday, Nov. 7, 2023.

Yuki Iwamura | Bloomberg | Getty Images

WeWork, the shared bureau abstraction institution erstwhile valued astatine $47 billion, emerged from bankruptcy connected Tuesday, and named Cushman & Wakefield enforcement John Santora arsenic its caller CEO.

WeWork filed for Chapter 11 bankruptcy extortion successful November, with full debts of $18.65 cardinal against assets of $15.06 billion. The Covid pandemic, which led to a surge successful vacancies, coupled with an economical slump and steep downturn successful tech valuations, contributed to WeWork's troubles.

Santora becomes WeWork's 4th imperishable CEO successful 5 years aft the company's failed IPO successful 2019 and consequent restructuring. He replaces David Tolley, who began work arsenic CEO successful October. The announcement comes much than a week aft WeWork's target exit date of May 31. WeWork besides announced a caller board, including Anant Yardi, CEO of spot absorption bundle institution Yardi Systems.

During Tolley's little tenure, WeWork entered bankruptcy protection. The institution has since renegotiated much than 190 leases and exited much than 170 "unprofitable" locations, according to a institution release.

Santora antecedently served arsenic Cushman & Wakefield's Tri-State president and leaves the commercialized existent property steadfast aft 40 years.

The downsizing of WeWork's existent property portfolio reduced yearly rent and tenancy expenses by much than $800 million, and the institution besides secured $400 cardinal of further equity capital. WeWork said past week that its portfolio present includes astir 45 cardinal quadrate feet successful 600 locations crossed 37 countries.

WeWork was founded successful 2010 by Adam Neumann and Miguel McKelvey. Neumann led the institution done years of historical maturation and monolithic financing rounds. He was ousted successful 2019 soon aft WeWork's IPO prospectus was released. The institution yet went nationalist successful 2021 done a special intent acquisition company (SPAC), earlier equity holders were wiped retired 2 years later.

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