Santa Monica-based flex space operator Cross Campus Inc. has promoted Shelby Carvalho to be the company’s new chief executive.

Carvalho has been the head of finance and real estate for Cross Campus, the company said.

She takes over from Ronen Olshansky, the company’s co-founder, who will continue to serve on its board of directors.

“I couldn’t be more proud of the business and brand that we’ve built over the past seven years,” Olshansky said in a statement.

“In the second half of 2019, the private funding environment shifted, which prompted us to examine the business and ultimately decide that a change in leadership, with an increased focus on profitability and operational efficiencies, made sense,” Olshansky added.

Cross Campus was founded in 2012. It has grown to five locations in L.A., with additional locations in San Diego and Scottsdale, Ariz. Part of the company’s growth came from its 2019 acquisition of San Diego-based DeskHub, which added 300 members to Cross Campus.

“Over the last seven years, we have built a formidable platform that competes well head-to-head with the top flexible office operators in the industry,” Carvalho said in a statement.

“With a strong team at all levels of the organization and the tremendous support of our board, I do not envision any interruptions to our business as a result of the leadership change,” Carvalho added.