Airbnb CFO Resigns, Delaying IPO
Airbnb Chief Financial Officer Laurence Tosi has left the company, and the short-term rental company will not go public in 2018. Tosi’s departure follows months of tension while Airbnb co-founder and CEO Brian Chesky was considering candidates for its first chief operating officer, the Los Angeles Times reports. On Monday, Chesky promoted longtime executive Belinda Johnson to the position.
San Francisco-based Airbnb, which is valued at $31B, has been profitable since last year under Tosi’s leadership, and had been expected to issue its IPO this year. Tosi joined Airbnb in 2015 after a stint as chief financial officer of Blackstone Group.
Other tech companies that may issue IPOs this year are Dropbox, Lyft, Pinterest and Spotify. Uber, which has yet to report a profit, is not expected to issue an IPO anytime soon and has been without a chief financial officer since its head of finance left in July. It has been looking for a chief financial officer with public company experience since May.
Airbnb, Dropbox and Uber have recently expanded or are planning to expand their footprints in San Francisco.