This case study of JonnyPops’ success highlights the unusual financial and operational strategies that enabled rapid expansion into a crowded and highly competitive frozen treat market.
Airbnb hired a new chief financial officer, Dave Stephenson, after a search of nearly 10 months, the company announced in a blog post Monday morning.
Stephenson was most recently a vice president and CFO at Amazon’s Worldwide Consumer Organization. He is the second Amazon executive to join Airbnb this year, following Greg Greeley, who was hired in March to be vice president of Homes.
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The company is expected to launch an initial public offering in 2019.
“Dave is one of the best financial operators in the world and there’s no one better prepared to serve as our CFO,” said Airbnb chief executive Brian Chesky.
Stephenson replaces Laurence Tosi as permanent CFO. Tosi, a former Blackstone Group executive, reportedly differed with Chesky over balancing financial stability versus preparing for an IPO.
Dave Stephenson
Chesky said public markets’ focus on quarterly earnings is “completely unsustainable,” and he has pledged a direction for the company that does not focus solely on financial returns.
Since 2008, when it was founded, Airbnb has raised $4.4 billion in funding from venture capital. It most recently raised more than $1 billion in Series F funding from investors including Capital G, TCV, Temasek, and Bracket Capital.
It was valued by investors at $31 billion last year and had $3 billion in revenue.
The announcement that Stephenson is leaving Amazon, which he joined in 1999 from Proctor & Gamble, comes on Cyber Monday.
Stephenson took a two-year break from the company to work for Big Fish Games.
“In the years ahead, [Stephenson] will be Airbnb’s quarterback for long-term growth, driving us to be even more efficient and leverage what makes Airbnb unique to create new businesses and continue to expand,” Chesky wrote in a blog post this morning.
Stephenson begins in his role in January. He will report to Chesky.
Photo: Airbnb
