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Posted 16 October, 2023

WeWork Inc. appointed David Tolley as new CEO

NYSE:WE appointed new Chief Executive Officer David Tolley in a 8-K filed on 16 October, 2023.


  On October 10, 2023, the Board of Directors (the "Board") of WeWork Inc. (the "Company") appointed David Tolley as the Company's Chief Executive Officer ("CEO") on a permanent basis.  

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Overview of WeWork Inc.
None • None
WeWork, Inc. engages in the provision of flexible workspace solutions. It offers access to office spaces, internet connection, and other shared facilities. The company was founded in 2010 and is headquartered in New York, NY.
Market Cap
$4.26M
View Company Details
WeWork Inc. by TradingView
Relevant filing section
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangement of Certain Officers.

On October 10, 2023, the Board of Directors (the "Board") of WeWork Inc. (the "Company") appointed David Tolley as the Company's Chief Executive Officer ("CEO") on a permanent basis.

Mr. Tolley has been a member of the Board since February 2023 and was previously appointed interim CEO in May 2023. In connection with his appointment to permanent CEO, the Board approved a new employment agreement (the "Employment Agreement") for Mr. Tolley, which replaced his existing employment agreement. The new Employment Agreement was constructed by the Board to reflect the skill and experience deemed necessary to perform the duties of CEO during the Company's comprehensive transformation process.

The Employment Agreement provides for (a) an annual base salary of $2,875,000, (b) a target annual cash bonus opportunity in an amount equal to 100% of his annual base salary, except that his eligibility for such bonus will be suspended until a specific vesting date, (c) a discretionary target bonus of $400,000 for Mr. Tolley's performance under his interim CEO employment agreement, and (d) a one-time cash payment of $500,000. The new Employment Agreement provides that if Mr. Tolley's employment is terminated without Cause or with Good Reason (each, as defined therein), then Mr. Tolley is generally eligible for cash severance in the amount of his base salary and target annual bonus if such termination occurs on or before the first anniversary of the effective date of the Employment Agreement, and two times the sum of his base salary and target annual bonus if such termination occurs after the first anniversary of the effective date.

Information required by Items 401(b), (d), (e) and Item 404(a) of Regulation S-K with respect to Mr. Tolley is included in the Company's Current Report on Form 8-K filed on May 16, 2023, and incorporated herein by reference, as applicable.