WeWork, the shared office space provider once valued at $47 billion, has successfully emerged from bankruptcy and announced the appointment of John Santora as its new Chief Executive Officer. Santora, previously the Tri-State Chairman at Cushman & Wakefield, succeeds David Tolley, who served as interim CEO since May 2023 and took on the role permanently in October.

WeWork had filed for Chapter 11 bankruptcy protection in November, with liabilities totaling $18.65 billion against assets of $15.06 billion. The company’s financial difficulties were exacerbated by the COVID-19 pandemic, which led to increased vacancies, coupled with an economic downturn and a significant decline in tech valuations.

Santora, who brings 40 years of experience from Cushman & Wakefield, becomes WeWork’s fourth permanent CEO in five years. His appointment follows a tumultuous period marked by a failed initial public offering in 2019 and subsequent restructuring efforts. This announcement comes after WeWork missed its targeted exit date of May 31.

Under Tolley’s leadership, WeWork successfully entered bankruptcy protection, renegotiated over 190 leases, and closed more than 170 underperforming locations. The company’s real estate portfolio downsizing has reduced annual rent and tenancy expenses by over $800 million and secured an additional $400 million in equity capital. WeWork now operates approximately 45 million square feet across 600 locations in 37 countries.

The company, founded in 2010 by Adam Neumann and Miguel McKelvey, experienced rapid growth and significant funding before Neumann’s departure in 2019. WeWork eventually went public in 2021 via a special purpose acquisition company (SPAC) but faced substantial equity losses two years later. The new board, including Anant Yardi, CEO of Yardi Systems, is expected to guide WeWork through its recovery phase.