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

we workThe shared office space company was once valued at $47 billion. Appeared The company emerged from bankruptcy protection on Tuesday and named Cushman & Wakefield executive John Santora as its new chief executive.

WeWork filed for bankruptcy protection under Chapter 11 of the U.S. Bankruptcy Code in November, with total liabilities of $18.65 billion and assets of $15.06 billion. WeWork’s woes have been compounded by a surge in job openings caused by the Covid-19 pandemic, a recession and a sharp decline in technology valuations.

Santora becomes WeWork’s fourth permanent CEO in five years after the company’s 2019 initial public offering and subsequent restructuring failed. He succeeds David Tolley, who began serving as interim CEO in May 2023 and became permanent CEO in October. The announcement comes just over a week after WeWork’s target exit date of May 31.

During Tory’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 one company release.

Santora previously served as Dade LeungTri-State chairman, leaving the commercial real estate company after 40 years.

The reduction in WeWork’s real estate portfolio reduced annual rent and lease expenses by more than $800 million, and the company received $400 million in additional equity. WeWork said last week that its portfolio now includes about 45 million square feet in 600 locations in 37 countries.

WeWork was founded in 2010 by Adam Neumann and Miguel McKelvey. Neumann led the company through years of historic growth and massive financing. He was ousted in 2019, shortly after the WeWork IPO prospectus was released. The company eventually went public through a special purpose acquisition company (SPAC) in 2021, with shareholders wiped out two years later.