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.
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WeWork CEO David Tolley to step down as company exits bankruptcyWeWork says it will name a new top boss later on Tuesday
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