WeWork Names David Tolley As CEO Amid Ongoing Transformation Efforts

WeWork Inc WE has appointed David Tolley as its Chief Executive Officer. Tolley has been a WeWork Board member since February 2023 and interim Chief Executive Officer since May 2023.

In May, Sandeep Mathrani stepped down as Chairman, CEO, and as a director.

Related: WeWork's CEO Shuffle' Disruptive,' Analyst Says: Don't Expect Cash Flow Until 2025

Earlier in 2023, WeWork, which was valued at $40 billion, saw its stock price plummet to less than $1 per share, leading it to submit a going concern notice to the Securities and Exchange Commission (SEC).

WeWork is in the process of executing a strategic plan, which includes renegotiating nearly all of its leases to reduce rent expenses and drive operational efficiency.

"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," said Tolley.

WeWork also announced that current WeWork Board member Paul Keglevic was appointed Chair of the Board of Directors, effective September 1, 2023.

Price Action: WE shares are trading higher by 1.77% at $2.40 on the last check Monday.