Clouds. 49.8   F New York
AI-Powered News Summarizer
Technology

Reddit names its first-ever CFO as it mulls IPO

March 5, 2021. Summarized by summa-bot.

Compression ratio: 61.3%. 2 min read.

Reddit has hired its first-ever chief financial officer.

New York (CNN Business)Reddit has hired its first-ever chief financial officer.

The company announced Friday it appointed Drew Vollero to the position — weeks after the site was thrust into the spotlight because of its role in the GameStop trading frenzy.

"Drew is an industry thought leader who brings a track record of building a global finance organization for high growth companies," Steve Huffman, co-founder and CEO of Reddit, said in a statement.

"He will be a tremendous addition to our Executive Team, as Reddit continues accelerating our business and user growth. "

Days after the GameStop frenzy subsided, Reddit announced it had raised a funding round worth more than $250 million from existing and new investors, valuing the company at $6 billion.

It plans to use the fund to double the number of Reddit employees this year, as well as to invest in new advertising and consumer products and expand into international markets.

Reddit now has more than 52 million daily active users, the company said, and its advertising revenue grew 90% year-over-year during the fourth quarter.

As for a possible IPO, a Reddit spokesperson said "if and when the time is right, becoming a public company is a possibility" — but noted the company is currently focused on "maintaining that positive growth and ensuring we're helping our users create and maintain healthy communities and providing effective advertising solutions for brands. "

Vollero will focus on building out Reddit's finance team across tax, treasury, audit, financial planning, sales finance, accounting, procurement and investor relations, the company said Friday.

"As Reddit accelerates growth, we are developing the foundation and capabilities to support an increasingly global, large and diverse business," the company said in the release.

Summarizer is on Google News. Now you can get the latest AI summarized news on your favorite news platform.

Don't like Google News? We have an RSS Feed for you.

Suggestions