Former Amazon CFO Dave Stephenson will join the home-renting giant in January 2019.
The hire shores up the company’s big picture financial nous ahead of an expected initial public offering in 2019.
“When building our executive team, we sought a Chief Financial Officer (CFO) who deeply believes in our mission, shares our values and has the skills and expertise necessary to help fuel our growth in the years ahead,” Airbnb said in a statement.
“Dave Stephenson brings a passion for travel and decades of experience creating and growing new business units at places such as Amazon.”
Airbnb hired a longtime Amazon executive to help prepare for an IPO https://t.co/BcGlt5QzGK
— Bloomberg (@business) November 26, 2018
Stephenson could be tasked with preparing Airbnb for an IPO in 2019
Stephenson had been at Amazon for 17 years and was most recently Vice-President and CFO of its Worldwide Consumer Organization, which oversees all of Amazon’s global website sales, including Amazon Prime.
He had also spent time as Vice-President for Amazon’s International Consumer Business and worked a number of finance roles.
Prior to joining Amazon, then in its early years as a company, Stephenson worked as CFO and President at Big Fish Games and served in a number of positions across finance and engineering at consumer goods corporation Procter & Gamble.
Airbnb poaches Amazon exec as its new CFO as the $31 billion startup preps for IPO https://t.co/m22eTTazBp
— BI Tech (@SAI) November 26, 2018
Airbnb posted its highest revenue figure for Q3 2018
Airbnb recently reported that it had recognised more than US$1 billion revenue in a quarter for the first time in Q3 2018. It said the results made for “the strongest quarter in Airbnb history”.
There were also reports that the accommodation platform disruptor is on track to be profitable for the second straight year, as measured by earnings before interest, taxes, depreciation and amortisation.
Even a recent report from Morgan Stanley forecasting slowing growth at Airbnb has not dampened market interest in the potential IPO.
The report stated that growth for Airbnb was slowing in the US, UK, French and German markets. Additionally, it found that online travel agencies such as Booking.com and Expedia were increasingly encroaching into its market.
scooplet: Not just Airbnb hiring a CFO from Amazon today.
Robinhood has hired Jason Warnick as its CFO. Warnick joined Amazon in…the 20th century. Been there since 1999.
Big move in Robinhood IPO prep.https://t.co/nn2dGicQmC
— Teddy Schleifer (@teddyschleifer) November 27, 2018
Executive leaders on the move at Amazon
Stephenson follows another long-term Amazon executive, Jason Warnick, out of the company. Warnick will become CFO at fast-rising online brokerage startup Robinhood.
Robinhood has been valued at US$5.6 billion after its latest round of funding. Warnick will begin his new role there next week after two decades at e-commerce giant Amazon, where he had been Vice-President of Finance and Chief of Staff to the CFO, among other roles.