WeWork Announces Exit from Chapter 11 ‘New Executive Appointments’.

John Santora named CEO

New York, New York – June 11, 2024 – WeWork, a leading global provider of flexible space, today announced that it has successfully emerged from Chapter 11 and completed a global operational and financial restructuring. The Company also announced the composition of its new Board of Directors and the appointment of John Santora as Chief Executive Officer and Director of the Company, effective June 12, 2024. This follows WeWork’s earlier announcement that David Tolley was stepping down as Chief Executive Officer and Director of the Company following the completion of its global restructuring.

Anant Yardi, founder and CEO of Yardi Systems, said: “Today is a pivotal moment in WeWork’s history. WeWork’s exit from Chapter 11 in the U.S. and Canada, and the completion of its global restructuring, is the culmination of months of hard work and commitment. I am grateful to everyone who made this successful outcome possible. I want to personally thank David for leading the Company through this complex process with vision and great skill, which has positioned us well for future growth. I also want to welcome John, whom I have known and worked with for many years, and who is the perfect leader to lead us forward.

“While much has changed, we remain unwavering in our focus on the key elements that make WeWork so special: our amazing community, our beautifully designed spaces, our innovative technology, our global scale and our entrepreneurial spirit. Now, with renewed purpose, we look to the future to provide the highest level of service to all our members and stakeholders and act as their trusted partner.”

Mr. Santora joins WeWork from Cushman & Wakefield, where he most recently served as the company’s tri-state president. He is one of the most experienced managers in the commercial real estate industry. During his more than 40 years at Cushman & Wakefield, Mr. Santora held a number of leadership positions, including general manager for North America, the company’s largest region. Prior to his appointment as Tri-State Chairman, Mr. Santora served as Global Chief Operating Officer and Chief Integration Officer.

Mr. Santor said: “I am delighted to be joining WeWork at this exciting time in the company’s history. Thanks to the tireless effort of the entire organization, we are well-positioned to look to the future with optimism and realize the incredible potential of this great company. I firmly believe that flexible working is no longer just an option, but rather a strategic imperative for companies looking to maximize the efficiency of their real estate use, as well as a dynamic workforce. While there is much work to be done with these supportive structural trends and a restructured organization, I couldn’t be more confident about our future. I am full of energy and excited about the challenge ahead of us.

“I would also like to take this moment to thank all of my colleagues, partners and clients – as well as the entire Cushman & Wakefield family, past and present – ​​with whom I have had the sincere pleasure and honor of working over the last 47 years. I am very proud of how the company has evolved and I wish the best to everyone associated with the company.”

Board of Directors

After entering Chapter 11 in the US and Canada, WeWork also announced new management:

• Anant Yardi, founder and CEO of Yardi Systems
• Adnan Ahmad, Advisor, Yardi Systems
• Arnie Brier, senior vice president and general counsel, Yardi Systems
• Jason Yardi, senior director of technology, Yardi Systems
• Daniel Ehrmann, Partner and Head of the Restructuring Department at King Street
• Jagannath Iyer, Partner at SoftBank Investment Advisors
• John Santora, CEO of WeWork

About WeWork

WeWork was founded in 2010 with the vision of creating an environment where people and companies come together and do their best work. Since then, we have become a leading global provider of flexible space, committed to delivering technology-enabled turnkey solutions, flexible spaces and community experiences.