WeWork CEO Tolley to step down as company exits bankruptcy

WeWork said CEO David Tolley would step down after the flexible workspace provider emerges from bankruptcy later on Tuesday and the company will name a new top boss.

Late last month, WeWork received approval from a US bankruptcy judge for a restructuring plan.

Once privately valued at about $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.

Since joining WeWork in February 2023 - initially as a board member and then as CEO - Tolley led the company through a tumultuous period that saw major operational and financial revamps.