- Reddit has employed Drew Vollero as its first-ever chief monetary officer, it mentioned Friday.
- The previous Snap and Mattel exec will work throughout tax, monetary planning, and promoting.
- Reddit CEO Steve Huffman advised the NYT the corporate was “pondering” about submitting for an IPO.
- Visit the Business section of Insider for more stories.
Social-media web site Reddit has employed its first-ever chief monetary officer (CFO) because it edges nearer to going public.
The corporate announced Friday it had appointed former Snap, PepsiCo, and Mattel exec Drew Vollero to the function.
When requested whether or not Reddit would file for an IPO, Huffman advised the New York Times Friday: “We’re eager about it. We’re working towards that second.” Reddit did not have a timeline for the submitting, he added.
Reddit has hit the headlines in 2021 after day merchants banded together on r/Wallstreetbets, a gaggle on the web site, to bump up the costs of a number of “meme shares.” This brought about GameStop inventory to leap massively and a few of Wall Street’s prominent hedge funds to shut their bearish bets, with hefty losses.
The story generated enormous curiosity in Reddit, which cashed in on the publicity by taking out an ad during the Super Bowl.
Huffman additionally testified at a House Financial Services Committee listening to into the saga in late February, the place he mentioned that investing recommendation on the positioning was “among the many finest.”
Within the midst of the chaos, the corporate mentioned it had raised $250 million in a late-stage funding spherical in February at a valuation of $6 billion – double its earlier valuation from a funding spherical two years earlier.
Vollero has greater than 30 years expertise in finance roles, together with at Yum Manufacturers, Taco Bell, PepsiCo, and Mattel. His most up-to-date function was at safety firm Allied Common, and previous to that he served because the first CFO of Snapchat parent company Snap – the place he led the corporate via its $33 billion IPO in 2017.
In his function at Reddit, Vollero will work throughout areas together with tax, treasury, audit, monetary planning, gross sales finance, accounting, procurement, and investor relations, the corporate mentioned. Reddit mentioned 2020 was a “pivotal” yr in its promoting enterprise, and that its promoting income had elevated 90% year-over-year within the fourth quarter.
Vollero is ready to start out the function later this month. His favourite subreddits are r/dadjokes, r/worldnews, r/journey, and r/management, Reddit mentioned.
His appointment is anticipated to be adopted by different government hires. Huffman advised The Wall Street Journal in February that a number of new executives could be beginning within the coming months, including that the corporate deliberate to double its worker rely to 1,400 in 2021.