The co-working flex space provider WeWork Inc. (OTCMKTS: WEWKQ) announced it has emerged from Chapter 11 and appointed John Santora as CEO, effective today.
Santora joins WeWork from Cushman & Wakefield, where he most recently served as the firm’s tri-state chairman. Santora was with Cushman & Wakefield for more than 40 years and held a number of leadership roles, including CEO of North America, global chief operating officer and chief integration officer.
Santora succeeds David Tolley, who stepped down as CEO and as a director of the company following the completion of its global restructuring.
“I firmly believe that flexible work is no longer just an option, but rather a strategic imperative for companies wanting to maximize the efficiency of their real estate footprint, as well as their dynamic workforce,” said Santora, who also joins WeWork’s board of directors. “While there is much work to do, with these supportive, structural trends, and a restructured organization in place, I could not be more confident in our future and I am energized and excited by the challenge that lies ahead.”
The company also announced a new board of directors that includes four executives from Yardi Systems, which holds a 60% stake in WeWork through its subsidiary Cupar Grimmond
“While much has changed, we remain steadfastly committed to the core elements that make WeWork so special: our incredible community, our beautifully designed spaces, our innovative technology, our global scale and our entrepreneurial spirit,” said Anant Yardi, founder and CEO of Yardi Systems. “We now look forward with renewed purpose to ensure that we provide the highest level of service to all of our members and stakeholders and operate as their trusted partner.”
Photo by Focal Foto / Flickr Creative Commons
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