The reshuffle of Airbnb’s govt ranks ought to be seen within the context of the necessity to reinvigorate the corporate’s progress prospects, together with worldwide growth.
With critics questioning Airbnb’s progress momentum, Airbnb introduced Tuesday that Chief Monetary Officer Dave Stephenson will develop into chief enterprise officer, a newly created place, and VP of Finance Ellie Mertz will develop into CFO March 1.
In the meantime, Catherine Powell, who turned international head of internet hosting in July 2020, “has determined to transition to an advisor position and transfer on from Airbnb later subsequent 12 months,” the corporate stated.
Stephenson can be main the entire inside groups that reported to Powell apart from the neighborhood workforce, and there aren’t any plans to call a successor to Powell.
He’ll start his new position as chief enterprise officer January 2, can be a speaker, together with CEO Brian Chesky, on Airbnb’s fourth quarter and full-year 2023 earnings name in February, and Mertz will assume her new CFO March 1. She can be an everyday speaker on earnings calls, together with Chesky, as a substitute of Stephenson.
When the CFO transition takes place, Mertz will develop into a Part 16 officer of the corporate.
Airbnb Criticized for Missed Progress Alternatives
The CFO shuffle comes after some on Wall Road have develop into bearish about Airbnb after it warned that room evening progress can be slowing within the fourth quarter. Worldwide growth, which can be excessive on Stephenson’s agenda, is a key precedence.
In an electronic mail to staff, which Airbnb shared with the media Tuesday morning, Chesky characterised Stephenson’s new position as a promotion. Chesky stated “Airbnb is at an inflection level” and is able to “embark as our subsequent chapter as an organization.”
Beginning January 2, Stephenson can be accountable for increasing Airbnb’s core houses enterprise, and can be charged with pushing worldwide growth, increasing Airbnb’s host provide, and overseeing company improvement. The heads of Airbnb’s enterprise models within the Americas; Asia Pacific; and Europe, Center East and Africa will report back to Stephenson.
“As Airbnb will get greater, the CFO’s job will get much more sophisticated,” stated Skift Head of Analysis Seth Borko in reacting to the information. “In its early startup days, the CFO would possibly prioritize money administration and VC fundraising. However the place Airbnb stands as we speak as an $86 billion public firm, the CFO’s job is completely totally different. Public buyers are an entire totally different animal from enterprise capitalists and the CFO should oversee a posh set of accounting books which can be topic to securities legislation and different strict public firm laws.”
New Airbnb CFO
New CFO Ellie Mertz has been at Airbnb since 2013 and has served as its vp of finance for the reason that starting of 2019. She served as interim CFO for a 12 months beginning in February 2018 earlier than Airbnb employed Stephenson as CFO. Chesky’s electronic mail to staff credited Mertz with overseeing Airbnb’s IPO.
Airbnb International Head of Internet hosting to Go away the Firm in 2024
Catherine Powell turned international head of internet hosting in July 2020 after heading the corporate’s in-limbo experiences enterprise for six months earlier than that.
In the course of the third quarter earnings name November 1, Chesky stated the corporate had added 1 million energetic listings to this point in 2023, and provide jumped 19% in contrast with the third quarter of 2022.
Powell’s internet hosting position ends December 31.
“Catherine Powell has determined to transition to an advisor position and transfer on from Airbnb later subsequent 12 months,” Chesky stated within the worker electronic mail.