Identify this current event highlighted in the news that relatesto business strategy. You will submit a report that should includewritten analysis of the current event. In the report, you mustdiscuss the current event, and then discuss how it affects thestrategy of businesses that may be impacted by the currentevent.
Airbnb Hires New CFO From Amazon
Airbnb Inc. has hired another executive from Amazon.com Inc.,this time naming Dave Stephenson as chief financial officer of thevacation-rental portal ahead of a potential initial publicoffering.
Mr. Stephenson will join the San Francisco-based company inearly January, according to a company blog post, and will report toAirbnb Chief Executive Brian Chesky. He joins Airbnb after 17 yearsat Amazon, where he was most recently vice president and financechief of the company’s world-wide consumer organization andresponsible for Amazon’s global web sales.
Before that, he was vice president for Amazon’s internationalconsumer business and oversaw the finances of various businessunits, including the North American retail operation, merchantservices and Amazon Web Services.
Mr. Stephenson left Amazon for a brief stint to work aspresident and CFO of Big Fish Games Inc., a maker of computer andsmartphone games, and served for nearly a decade at Procter &Gamble Co. on various finance and engineering roles, Airbnbsaid.
“Dave is one of the best financial operators in the world andthere’s no one better prepared to serve as our CFO,” Mr. Cheskysaid in the blog post. “In the years ahead, Dave will be Airbnb’squarterback for long-term growth, driving us to be even moreefficient and leverage what makes Airbnb unique to create newbusinesses and continue to expand.”
Mr. Chesky has said Airbnb is preparing for an IPO in 2019, butthe timing is uncertain. Airbnb was valued by investors at $31billion as of a capital raise in March 2017.
In September, the company had requested the U.S. Securities andExchange Commission change its rules that could potentially allowthe home-sharing platform to give hosts stock in the company.
Mr. Stephenson will succeed Laurence Tosi, who stepped down fromAirbnb in February to focus on his investment fund.
“I am thrilled to be joining and bringing my experience leadingfast-growing businesses at scale to help Airbnb accelerate itsalready incredible growth,” Mr. Stephenson said in the blogpost.
Airbnb earlier this year hired another executive from Amazon,Greg Greeley, who became president of its homes unit.
Compensation details for Mr. Stephenson weren’t immediatelyavailable. Airbnb didn’t immediately respond to a request foradditional comment. Amazon declined to comment.
Corrections & Amplifications
Greg Greeley is the president of Airbnb’s homes unit. An earlierversion of this article incorrectly named him Mr. Geeley. (Nov.26)
