Consumer review website operator Yelp said Monday that CFO Rob Krolik was stepping down after nearly five years on the job.
Krolik’s resignation was announced as Yelp reported better-than-expected fourth-quarter results. Net revenue rose 40% to $153.7 million, above Wall Street estimates of around $152.4 million. Non-GAAP net income was $0.11 per share, while analysts had expected a $0.03 loss.
The company said Krolik will continue as CFO until the hiring of a replacement or Dec. 15, 2016, whichever comes first. The search for a new finance chief will begin immediately.
“Rob has played a crucial role in Yelp’s successful transition from startup to public company, bringing his professionalism and experience to bear in setting Yelp on a firm financial foundation and headed in the right direction,” Jeremy Stoppelman, Yelp’s co-founder and CEO, said in a news release.
“I am grateful for his counsel, his leadership and work on our public offerings and five acquisitions, and his efforts in opening facilities around the world to accommodate our more than 4,000 employees,” he added.
Krolik joined Yelp in July 2011 after serving as CFO at Move Inc. He also previously worked for eBay and Shopping.com.
“It’s been a rewarding experience taking Yelp public, diversifying our offerings through acquisitions, and seeing our team deliver significant and consistent revenue growth year after year,” Krolik said. “After almost five years with Yelp, I am ready to take some time off to spend more time with family.”
Yelp went public in March 2012 but over the past two years, the stock has gradually declined from a high of $97.25 on March 3, 2014. In trading Monday, it closed at $16.06, down more than 11%.
The fourth-quarter results showed Yelp’s local advertising revenue climbed 35% from a year earlier and transaction revenue was 10 times the prior year at $14 million.
The company “has been trying to expand outside the United States and diversify into services such as restaurant bookings, event management and payments to counter increasing competition,” Reuters noted.