Reddit lines up CFO ahead of potential IPO
The social media giant named Andrew Vollero as its Chief Financial Officer today amid speculation that it intends to go public.
Reddit is one of the most trafficked websites in the world. Its collection of interest-focused message boards produces millions of clicks and interactions per day. Recently, there has been speculation that the California-based social network will seek to take itself public via IPO, or initial public offering. The speculative fires were further stoked today when Reddit announced that it will hire Andrew Vollero as its first Chief Financial Officer.
Vollero arrives at Reddit after a stint as CFO at Snap, Inc. During his time at Snap, Vollero helped the social media company through its own IPO. He also served as CFO for Allied Universal. “Drew helped us build a world-class finance and accounting team that will carry the company forward as we embark on our goal of completing a global acquisition and then a possible future IPO,” Allied Chief Universal Chief Executive Steve Jones said in a statement. “I wish Drew continued success in his new role as CFO of Reddit.”
“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 to FOX Business. "He will be a tremendous addition to our Executive Team, as Reddit continues accelerating our business and user growth."
Today’s news comes just a month after Reddit announced that it raised over $250 million in Series E funding. This brought the company’s valuation up to $6 billion. It has also made news recently thanks to one of its communities, WallStreetBets, making waves in the finance sector.
Chris Jarrard posted a new article, Reddit lines up CFO ahead of potential IPO