WeWork Inc. named David Tolley chief executive officer, replacing Sandeep Mathrani, who stepped down in May.
(Bloomberg) — WeWork Inc. named David Tolley chief executive officer, replacing Sandeep Mathrani, who stepped down in May.
Tolley had been named interim CEO five months ago, and the market was unsettled at the abrupt change in management as the co-working real estate company has struggled to cut costs. Last month the company said it’s renegotiating nearly all of its leases with landlords and plans to exit “unfit and underperforming” locations.
The reorganization efforts will continue under Tolley’s official leadership, WeWork said in a statement Monday. WeWork shares are down more than 95% this year.
“The steps we are taking now to achieve our goals not only help us achieve profitability and sustain growth, but will position us to serve our members better for the long term,” Tolley said in the statement.
Tolley, who has been a WeWork board member since February, previously served as chief financial officer of European satellite company Intelsat SA from 2019 to 2022.
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