WeWork has appointed a permanent chief executive as the flex office company looks to revive its fortunes.
The company has named David Tolley as chief executive after five months in the role on an interim basis.
Tolley has been a WeWork board member since February 2023. Before this he was chief financial officer at Intelsat for four years. His earlier roles have included a year as CFO, private equity partner at Blackstone from 2000 to 2011 and vice president in the investment banking division of Morgan Stanley from 1995 to 2000.
Tolley will continue to lead WeWork’s strategic rethink – the company is in the process of renegotiating nearly all of its leases to reduce rent expenses. In June, the company said it had started renegotiation discussions with landlords and would exit any locations deemed “unfit” or “underperforming” with the plan to reinvest in its strongest assets.
“Over the past few months we have taken decisive and focused actions to improve our business,” said Tolley. “The steps we are taking now to achieve our goals not only help us achieve profitability and sustain growth but will position us to serve our members better for the long term.”
He added that he believes the company “is on the right path” and that it is “already gaining momentum and seeing promising results from our efforts”.
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