Reddit appoints its new chief financial officer (CFO). The recruitment of Snapchat and Allied Universal’s former CFO ignites talks of Reddit future IPO plan.
Reddit welcomes Drew Vollero
Last Friday, Reddit announced Drew Vollero as the company’s new CFO. According to CNN, Vollero previously led Snapchat’s parent company, Snap, to reach a $3.4 billion IPO in 2017 as the company’s CFO.
Upon Vallero’s recruitment on Reddit, Reddit’s co-founder and CEO Steve Huffman left a statement saying, “Drew is an industry thought leader who brings a track record of building a global finance organization for high growth companies”. “He will be a tremendous addition to our Executive Team, as Reddit continues accelerating our business and user growth,” the statement continues.
Reddit teases on IPO plan
Reddit still couldn’t give an exact answer related to its IPO plan. A Reddit spokesperson said, “if and when the time is right, becoming a public company is a possibility”. However, the person continued that Reddit is currently still focusing on “maintaining that positive growth and ensuring we’re helping our users create and maintain healthy communities and providing effective advertising solutions for brands.”
On a different occasion, Huffman told The New York Times “We’re thinking about it. We’re working toward that moment” referring to a public listing. Though, Huffman also mentioned that the company has not included public listing in the company’s timeline yet.
In the meantime, it seems that Reddit will toughen its finance team. Vollero will be further assisting on the company’s tax, treasury, audit, financial planning, sales finance, accounting, procurement and investor relations.
Read also: Reddit Cash in 250 Million Through Series E Funding
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