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Airbnb poaches Amazon exec as its new CFO as the $31 billion startup preps for IPO

On Monday Airbnb made an announcement that the company has a new chief financial officer. The position which was left vacant by Laurence Tosi none months ago will be joined by Dave Stephenson who has spent 17 years at Amazon.

Stephenson was the vice president as well CFO of the worldwide consumer organization of Amazon. His task was to manage the global sales of the company, from Amazon Prime to Whole Foods.

Airbnb is preparing for an Initial Public Offering (IPO). In the September of 2017, the company was valued by the CapitalG of Alphabet at $31 billion in a funding round.

The CEO of the company, Brian Chesky had made a statement previously that the company will be going public by 30th of June, 2019.

Source: businessinsider

In a statement, the newly appointed Audit Chair on the Board of Directors, Ann Mather stated that the experience of Stephenson of building and scaling a rapidly growing business will be of great worth for the company.

Tosi, the previous CFO was also an early investor in the Airbnb. He had joined the company in 2015 and had left in early 2018.

According to the reports of The Information, the previous CFO, Tosi left the company over disagreements with the CEO, Chesky.

The report stated that the disagreement was over the balancing of the financial stability before going public when Chesky had a desire of transforming the company in  a diversified firm by investing in areas that won’t be yielding profits for a while.

Source: cdn.vox-cdn

Tosi left the company in early 2018, leaving the position vacant for about nine months which now will be occupied by Stephenson who was poached from his position of the Vice President as well as the CFO of the worldwide consumer organization of Amazon.

Source: BusinessInsider, TheVerge

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Written by Ketakee Srivastava

I am an amateur content writer, who is currently pursuing a Masters in Finance from ICFAI Business School. In this highly volatile Business Market, I find no better way to keep myself updated than to write about it and reflect my own thoughts as words.

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