WeWork Inc (NYSE:WE) has appointed David Tolley as its new chief executive officer.
Tolley has been on the WeWork board since February and has been interim CEO since May.
WeWork said Tolley is a proven leader, with an exceptional track record of running complex and high-impact businesses, and has brought immense energy, discipline, and focus to WeWork since stepping into the role on an interim basis.
He will continue to lead WeWork’s ongoing transformation efforts.
WeWork said it remains focused on building a sustainable and profitable business as it executes its strategic plan, which includes renegotiating nearly all of its leases to reduce rent expenses and driving operational efficiency.
“Over the past few months we have taken decisive and focused actions to improve our business,” Tolley said. “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.
“I emphatically believe we’re on the right path, already gaining momentum and seeing promising results from our efforts,” he added.
Tolley most recently served as chief financial officer of Intelsat SA from 2019 to 2022.
The firm said current WeWork board member, Paul Keglevic, was appointed chair of the board, effective September 1.