WeWork exits bankruptcy, appoints new CEO

WeWork has exited Chapter 11 bankruptcy after restructuring its finances and operations globally.

The company has also announced a new Board of Directors and apointed John Santora as its Chief Executive Officer, effective June 12, 2024.

This follows the previous announcement of David Tolley stepping down as CEO upon completion of the restructuring process.

Anant Yardi, Founder and CEO, Yardi Systems, said: “Today is a pivotal moment in WeWork’s history. WeWork’s emergence from Chapter 11 in the U.S. and Canada, as well as the completion of its global restructuring, is the culmination of months of hard work and commitment and I am grateful to everyone who has enabled this successful outcome. I want to personally thank David for guiding the Company through this complex process with vision and great skill, leaving us well-positioned for future growth. I also want to welcome John, who I have known and worked with for many years and is the perfect leader to take us forward.

“While much has changed, we remain steadfastly committed to the core elements that make WeWork so special: our incredible community, our beautifully designed spaces, our innovative technology, our global scale and our entrepreneurial spirit. We now look forward with renewed purpose to ensure that we provide the highest level of service to all of our members and stakeholders and operate as their trusted partner.”

Santora joins WeWork from Cushman & Wakefield, where he most recently served as the firm’s Tri-State Chairman. He is one of the commercial real estate industry’s most experienced executives. Over more than 40 years at Cushman & Wakefield, Mr. Santora has held a number of leadership roles, including CEO of North America, the firm’s largest region. Prior to his appointment as Tri-State Chairman, Mr. Santora served as Global Chief Operating Officer and Chief Integration Officer.

Santora said: “I am delighted to join WeWork at this exciting moment in the Company’s history. Thanks to the tireless efforts of the entire organization, we are well-positioned to look optimistically to the future and to realize the incredible potential of this wonderful company. I firmly believe that flexible work is no longer just an option, but rather a strategic imperative for companies wanting to maximize the efficiency of their real estate footprint, as well as their dynamic workforce. While there is much work to do, with these supportive, structural trends, and a restructured organization in place, I could not be more confident in our future and I am energized and excited by the challenge that lies ahead.

“I would also like to take this moment to thank all of my colleagues, partners and clients – and the entire Cushman & Wakefield family, past and present – who I have had the sincere pleasure and honor to work with over the past 47 years. I am so proud of how the firm has evolved and I wish everyone associated with the company the very best.”

Following its emergence from Chapter 11 in the U.S. and Canada, WeWork also announced its new Board of Directors:

  • Anant Yardi, Founder and Chief Executive Officer of Yardi Systems
  • Adnan Ahmad, Advisor, Yardi Systems
  • Arnie Brier, Senior Vice President and General Counsel, Yardi Systems
  • Jason Yardi, Senior Director, Technology, Yardi Systems
  • Daniel Ehrmann, Partner and Head of Restructuring at King Street
  • Jagannath Iyer, Partner at SoftBank Investment Advisers
  • John Santora, Chief Executive Officer, WeWork