John Santora is named new CEO of WeWork as the company exits bankruptcy.

• WeWork emerged from bankruptcy Tuesday after renegotiating 190 leases and exiting 170 locations.
• Commercial real estate veteran John Santora will replace David Tolley as CEO.
• Tolley led the company through a tumultuous period of financial restructuring.

On Tuesday, the bankruptcy of the shared office space company, once valued at $47 billion, was resolved, and Cushman & Wakefield executive John Santora was appointed as its new CEO.

WeWork, with total debts of $18.65 billion against assets of $15.06 billion, filed for Chapter 11 bankruptcy protection in November due to the Covid pandemic, which led to a surge in vacancies, an economic slump, and a steep downturn in tech valuations.

WeWork appoints Santora as its fourth permanent CEO in five years, following the failed IPO in 2019 and subsequent restructuring. He replaces David Tolley, who began service as CEO in October. The announcement comes more than a week after WeWork's target exit date of May 31. Additionally, the company announced a new board, including Anant Yardi, CEO of property management software company Yardi Systems.

WeWork filed for bankruptcy protection during Tolley's brief tenure. Since then, the company has renegotiated over 190 leases and exited more than 170 "unprofitable" locations, as stated in a company release.

After 40 years, Santora, previously the Tri-State chairman of a commercial real estate firm, has departed.

WeWork's real estate portfolio was downsized, resulting in an annual rent and tenancy expense reduction of over $800 million. Additionally, the company secured $400 million in additional equity capital. As per WeWork's announcement last week, its portfolio now comprises approximately 45 million square feet in 600 locations across 37 countries.

In 2010, Adam Neumann and Miguel McKelvey founded WeWork. Neumann led the company through years of growth and significant funding rounds. However, he was removed from his position in 2019 following the release of the company's IPO prospectus. WeWork eventually went public in 2021 through a special purpose acquisition company (SPAC), but equity holders were wiped out two years later.

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