Airbnb CFO Laurence Tosi quits
Company also addresses IPO rumors.
SAN FRANCISCO – Airbnb’s chief financial officer, Laurence Tosi, a former Wall Street executive with public company experience, is leaving after reports of growing tension with founder and chief executive Brian Chesky, who used the occasion to tamp down talk of an imminent initial public offering.
Chesky also announced the promotion of Belinda Johnson to chief operating officer, a position allegedly coveted by Tosi, who is returning full time to his investment fund, Weston Capital Partners.
“I know people will ask what these changes mean for a potential IPO. Let me address this directly. We are not going public in 2018,” Chesky said in a statement.
Last week, Airbnb named its first independent board director, Kenneth Chenault, the departing chief executive of American Express and one of Wall Street’s most respected leaders. The move signaled the San Francisco company, valued by investors at more than $30 billion, is inching closer to an initial public offering, as soon as 2019.
In a statement, Chesky credited Tosi with bringing financial discipline and new growth areas such as luxury travel. According to a recent report in The Information, Tosi had been angling for more power at Airbnb, arguing he should become chief operating officer or president of its “homes” division, which accounts for most of Airbnb’s revenue.
Instead, on Thursday Airbnb announced that Johnson, one of Silicon Valley’s rising women stars, would take over as chief operating officer.
The selection of Johnson over Tosi reflects a strategic direction Chesky has been telegraphing to investors. Last week, Chesky said he was committed to organically building a 21st-century company with an “infinite time horizon,” favoring a decidedly Silicon Valley approach to growth that conflicts with the Wall Street push to grow aggressively through acquisitions and move quickly to an IPO.
“As Brian has said, we are a company with an infinite time horizon, and I will work to ensure everything we do takes the long view,” Johnson said in a statement.
Known as Airbnb’s Sheryl Sandberg, Johnson has quickly climbed the ranks since she became Chesky’s first executive hire in 2011. Chesky and Johnson have developed a close bond, drawing comparisons to the founderoperator working relationship of Facebook CEO Mark Zuckerberg and Sandberg, the social media giant’s COO.
An attorney with more than two decades of experience who most recently was the company’s chief business and legal officer, Johnson started at Airbnb as general counsel and has helped guide Airbnb through a regulatory minefield.
“Belinda has a track record of making Airbnb run better,” Chesky said.
Airbnb has hired an executive search firm to find Tosi’s replacement.
The company that allows people to earn extra income by opening their doors to travelers is one of the most closely watched of the unicorns, technology companies valued at more than $1 billion by private investors, for signs it’s preparing to go public.
Uber’s new chief executive, Dara Khosrowshahi, has said the ride-sharing company will go public as soon as next year. Dropbox recently filed confidentially for an initial offering. And music streaming company Spotify is working on a “direct listing” of its shares on the public markets.