WeWork CEO Sandeep Mathrani resigns; board appoints David Tolley as interim CEO

WeWork Inc.

CEO Sandeep Mathrani steps down effective May 26, 2023, not due to any disagreement.
Board appoints David Tolley as interim CEO; Daniel Hurwitz becomes Chairman and leads search for permanent CEO.
Tolley's compensation: $229,167/month base salary, $1.5M bonus target, $500K RSUs vesting over six months.
Company reaffirms Q2 2023 guidance: revenue $840-865M, adjusted EBITDA ($10M)-$15M.
Under Mathrani, WeWork cut $2.3B in costs and grew revenue to $849M in Q1 2023 from $593M (Q2 2021).

item 5.02 item 7.01 item 9.01

Executive movements

Machine-extracted from this filing. Every card cites the SEC source. See all recent executive movements.

Appointed (interim)

David Tolley

interim Chief Executive Officer

WeWork Inc.

Effective: 2023-05-26
Filed: May 16, 2023, 7:59 PM ET

On May 16, 2023, the Board appointed David Tolley as the Company’s interim CEO and Daniel Hurwitz as Chairman of the Board, in each case, effective May 26, 2023.

Departed

Sandeep Mathrani

Chief Executive Officer

WeWork Inc.

Effective: 2023-05-26
Successor: David Tolley
Filed: May 16, 2023, 7:59 PM ET

On May 10, 2023, Sandeep Mathrani notified WeWork Inc. (the “Company”) of his intention to resign from his position as Chief Executive Officer (“CEO”) of the Company and as Chairman and a member of the Company’s Board of Directors (the “Board”), in each case, effective May 26, 2023.

Appointed

Daniel Hurwitz

Chairman of the Board

WeWork Inc.

Effective: 2023-05-26
Filed: May 16, 2023, 7:59 PM ET

On May 16, 2023, the Board appointed David Tolley as the Company’s interim CEO and Daniel Hurwitz as Chairman of the Board, in each case, effective May 26, 2023.

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

David Tolley was appointed as interim Chief Executive Officer at WeWork Inc..

Action: appointed
Role: interim Chief Executive Officer

Exact text from the filing

On May 16, 2023, the Board appointed David Tolley as the Company’s interim CEO and Daniel Hurwitz as Chairman of the Board, in each case, effective May 26, 2023.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Sandeep Mathrani resigned as Chief Executive Officer at WeWork Inc..

Action: resigned
Role: Chief Executive Officer

Exact text from the filing

On May 10, 2023, Sandeep Mathrani notified WeWork Inc. (the “Company”) of his intention to resign from his position as Chief Executive Officer (“CEO”) of the Company and as Chairman and a member of the Company’s Board of Directors (the “Board”), in each case, effective May 26, 2023.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Daniel Hurwitz was appointed as Chairman of the Board at WeWork Inc..

Action: appointed
Role: Chairman of the Board

Exact text from the filing

On May 16, 2023, the Board appointed David Tolley as the Company’s interim CEO and Daniel Hurwitz as Chairman of the Board, in each case, effective May 26, 2023.

View on SEC.gov

Source: SEC EDGAR

accession 0001193125-23-146113

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