said CEO David Tolley will step down after the flexible workspace provider emerges from bankruptcy later on Tuesday, bookending a months-long global restructuring process that featured a strategy revamp and exits from several locations.Once privately valued at about US$47 billion, WeWork expanded at a breakneck pace but racked up steep losses on its over-extended real estate portfolio before filing for bankruptcy protection in November 2023.
It received approval from a U.S. bankruptcy judge for a restructuring plan late last month, allowing the company to eliminate US$4 billion in debt and hand over its equity to a group of lenders and a real estate technology company.Tolley joined WeWork in February 2023, initially as a board member and then as CEO, leading the company through a tumultuous period that saw major operational and financial revamps.
Nigeria Nigeria Latest News, Nigeria Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
WeWork CEO David Tolley to step down as company exits bankruptcyWeWork says it will name a new top boss later on Tuesday
Source: globeandmail - 🏆 5. / 92 Read more »