WeWork on Monday named interim CEO David Tolley as its permanent CEO, tasking the former Blackstone executive with turning around the flexible workspace provider’s ailing business.

Tolley, who was CFO of satellite operator Intelsat from 2019 to 2022, has been a WeWork board member since February 2023 and was interim CEO since May 2023.

WeWork, backed by SoftBank, has been in turmoil ever since its plans to go public in 2019 imploded. The company’s shares have lost nearly all their value since a market debut through a blank-check merger in October 2021.

In May, CEO Sandeep Mathrani resigned, followed by the exit of CFO Andre Fernandez in the same month.

Tolley’s appointment is seen as an attempt by WeWork to stabilize its leadership and focus on turning around its business. He is a seasoned executive with a track record of success in the financial industry.

The company has a strong brand and a large customer base, but it needs to become more profitable and efficient. Tolley has the experience and expertise to help WeWork achieve its goals.