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WeWork has announced the appointment of David Tolley as its new CEO. Tolley, who previously served as interim CEO, has been tasked with leading WeWork through a challenging period. During his time in the interim role, he successfully implemented cost-saving measures such as renegotiating office leases, resulting in a 9% increase in WeWork’s stock value. According to Tolley, these actions were aimed at achieving profitability and providing long-term member service.

Tolley brings extensive experience to his new role on WeWork’s board of directors since joining in February 2023. He has previously held CFO positions at prominent organizations like Intelsat S.A. and OneWeb. In recent times, WeWork has faced financial difficulties including skipping interest payments to lenders and receiving a delisting warning from the NYSE while also experiencing downgrades by S&P Global Ratings.

The article “We Work Appoints New CEO” was originally published on Connect CRE.