WeWork has successfully emerged from Chapter 11 bankruptcy in the US and Canada and has appointed a new board of directors and chief executive officer.
David Tolley has stepped down as CEO and as a director of WeWork following the completion of the company’s global restructuring, and he has been replaced by Cushman & Wakefield’s John Santora.
Santora has spent more than 40 years at Cushman & Wakefield and has held a number of leadership roles, including CEO of North America. He most recently served as the company’s Tri-State chairman.
In addition to Santora, the new board of directors comprises: Anant Yardi, founder and chief executive officer of Yardi Systems; Adnan Ahmad, adviser, 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; and Jagannath Iyer, partner at SoftBank Investment Advisers.
Anant Yardi said: “Today is a pivotal moment in WeWork’s history. WeWork’s emergence from Chapter 11 in the US 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 added: “I am delighted to join WeWork at this exciting moment in the company’s history. Thanks to the tireless efforts of the entire organisation, we are well-positioned to look optimistically to the future and to realise 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 maximise 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 organisation in place, I could not be more confident in our future and I am energised 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 honour 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.”
