The Zhitong Finance App has learned that WeWork announced that it has escaped bankruptcy and appointed John Santora, an executive of the real estate company Cushman & Wakefield, as the new CEO, effective June 12, 2024. Earlier, WeWork announced that David Tolley had resigned as CEO and company director after the global restructuring was completed.

Following the failure of WeWork's initial public offering (IPO) in 2019 and subsequent restructuring, Santora became WeWork's fourth permanent CEO in five years. He will replace David Tolley, who began his role as interim CEO in May 2023 and assumed a permanent position in October. WeWork's target exit date is May 31, and WeWork announced the news more than a week later. WeWork also announced a new board of directors that includes Anant Yardi, CEO of property management software company Yardi Systems.

During Tolley's brief term as CEO, WeWork entered bankruptcy protection. According to a press release from the company, the company has renegotiated more than 190 leases and exited more than 170 “unprofitable” locations.

Santora was the tri-state chairman of Cushman & Wakefield and left the commercial real estate company after 40 years.

The reduction in WeWork's real estate portfolio reduced more than $800 million in annual rent and leasing expenses, and the company also received $400 million in additional equity capital. WeWork said last week that its portfolio currently has around 45 million square feet of office space at 600 locations in 37 countries.

WeWork was founded by Adam Neumann and Miguel McKelvey in 2010. Neumann led the company through years of historic growth and large-scale financing. Shortly after WeWork released its IPO prospectus, he was ousted in 2019. The company eventually went public in 2021 through a special purpose acquisition company (SPAC), and shareholders were eliminated two years later.