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WeWork CEO David Tolley Resigns
Slice of Real Estate Team
June 13, 2024
Key Highlights:
David Tolley to step down as CEO and director of WeWork.
WeWork emerges from Chapter 11 restructuring.
New CEO and Board of Directors to be announced.
Company significantly reduces debt and lease obligations.
WeWork positioned for long-term growth and profitability.
Source (Business Wire)
Notable Quotes
“When I joined WeWork just over one year ago, I knew the company faced real challenges in order to restructure its business to become financially and operationally sustainable. I’m delighted to have had the opportunity to lead our unique, incredible company into and out of this remarkably successful, transformational restructuring.”
“On behalf of the WeWork Board, and the entire organization, I want to place on record our immense appreciation and gratitude to David. His fearless and highly skilled leadership, coupled with his vast restructuring experience, ensured he successfully steered the company through this pivotal moment, executing one of the largest and most complex restructurings, while maintaining incredible member loyalty and employee support.”
Our Take:
David Tolley's tenure as CEO of WeWork marked a period of intense transformation and strategic repositioning. His leadership during the restructuring process was instrumental in cutting future lease obligations, shedding billions in debt, and securing significant new equity capital. These moves have not only stabilized WeWork’s financial foundation but have also set the stage for sustained growth and innovation. As WeWork transitions to new leadership, the company is well-poised to leverage its enhanced operational efficiencies and strengthened market position to continue leading the flexible workspace industry.