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Netflix stock surges after earnings, subscriber growth top estimates

WeWork COO Anthony Yazbeck to step down

Reuters
·1 min read
A sign marks a WeWork location in Boston

(Reuters) - WeWork's Chief Operating Officer Anthony Yazbeck will step down from his role and also as president on Oct. 20, the company said on Thursday, days after it named interim chief David Tolley as permanent CEO.

The leadership changes at the beleaguered flexible workspace provider comes amid its ongoing efforts to turn around the ailing business.

The circumstances leading to Yazbeck's departure is not due to any disagreement related to financial or operational matters, the company said in a regulatory filing.

WeWork has been in turmoil ever since its plans to go public in 2019 imploded as investors worried over its hefty losses and began to doubt its business model of taking long-term leases and renting them for the short term.

In August this year, WeWork raised "substantial doubt" about its ability to continue operations in a stunning reversal of fortune for a company that was once privately valued at $47 billion.

Earlier this year, CEO Sandeep Mathrani and CFO Andre Fernandez departed the company, which made its debut on the public market in 2021.

(Reporting by Ananta Agarwal in Bengaluru; Editing by Shailesh Kuber)