(Reuters) -WeWork ( WEWOQ ) said CEO David Tolley would step down after the flexible workspace provider emerges from bankruptcy later on Tuesday and the company will name a new top boss.

Late last month, WeWork ( WEWOQ ) received approval from a U.S. bankruptcy judge for a restructuring plan.

Once privately valued at about $47 billion, WeWork ( WEWOQ ) expanded at a breakneck pace but racked up steep losses on its over-extended real estate portfolio before filing for bankruptcy protection in November 2023.

Since joining WeWork ( WEWOQ ) in February 2023 - initially as a board member and then as CEO - Tolley led the company through a tumultuous period that saw major operational and financial revamps.

(Reporting by Abhijith Ganapavaram in Bengaluru; Editing by Anil D'Silva and Devika Syamnath)