Knotel will replace cofounder Amol Sarva with Michael Gross, former vice chairman of WeWork, as CEO.
Sarva, who has served as CEO since 2015, has long been an outspoken critic of WeWork.
In addition to Gross’ new role, his brother Eric will become co-president of Knotel with Yoav Gery, who is the current president of hospitality brand Selina.
Knotel, once valued at over $1 billion, has had a tumultuous year that started with laying off 30% of its staff and furloughing another 20%. Then, the company faced numerous lawsuits from landlords over unpaid rent.
In February, the company announced it would be filing for Chapter 11 bankruptcy, just one example of how the pandemic has ravaged through the coworking industry.
Just last week, a Delaware bankruptcy court approved the sale of Knotel to brokerage firm Newmark.
“Our acquisition of Knotel’s business was driven by the significant role that flexible office solutions will play in the future of the workplace,” said Barry Gosin, CEO of Newmark.