Reddit Hires CFO As It Considers IPO
An anonymous reader quotes a report from The New York Times: Reddit, the social network and online bulletin, said on Thursday that it had appointed its first chief financial officer, Drew Vollero, in a move toward tidying up the company's books before an eventual public offering of its stock. Mr. Vollero, 55, previously ran financial operations for Mattel, Snap and Allied Universal. His task at Reddit will be building out the financial, audit and accounting functions and leading the company through the process of going public. "Is Reddit going public?" Steve Huffman, Reddit's chief executive, said in an interview. "We're thinking about it. We're working toward that moment." Mr. Huffman said Reddit did not have a timeline, but Mr. Vollero's appointment indicated that the 15-year-old company was developing its financial operations to be more similar to those of publicly traded peers like Twitter and Facebook. More than 52 million people visit Reddit every day, and it is home to more than 100,000 topic-based communities, or subforums. Reddit has also added to its executive ranks in recent months, hiring a head of security and appointing a new member to its board. In December, the company acquired Dubsmash, a video-focused social app that competes with TikTok. Last month, Reddit raised $250 million in new capital, its largest venture round, valuing the company at $6 billion. Reddit plans to use the funding to expand its business, including its financial team, Mr. Huffman said. He also wants to make Reddit more mainstream by improving the product or making other investments, he said.
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