Greg Marsh, the CEO of upmarket Airbnb competitor Onefinestay, has announced that he has left the company he founded in 2010.
A statement published by Onefinestay says that “Marsh will continue to support the business on an advisory basis for the coming months to ensure a smooth handover.” Cofounder Evan Frank will take over as CEO on September 15.
Marsh explained in June that he wasn’t actually seeking a buyer for his company, but it became obvious to him that AccorHotels was the right option to take.
“To achieve what we can achieve would have cost $200 million (£141 million) in private market funding,” he said on stage at The Europas in London. “It would have been difficult, a bumpy road. We would have had to feel pretty sure that there was a multi-billion dollar outcome. [It would have been] five years of very hard work with a very high level of risk.”
Onefinestay published the following statement from Greg Marsh about his decision to leave the company:
“I am more than confident about the future of onefinestay. AccorHotels is a natural partner and a strong advocate for the potential of our business model. It has been the greatest privilege to work with the fantastically talented team which has made onefinestay so successful. AccorHotels has a clear vision for how it wants to build the business in the next phase of its development, and I have full confidence in the management team I leave behind me to fulfil that vision.”
And CEO of AccorHotels Sébastien Bazin published the following statement:
“Greg has done an extraordinary job as CEO over the last seven years, devising and creating a brand recognised for innovation and service excellence, and scaling the business into five international markets. We are grateful for his continued support through the transition period. We are committed to building on Greg’s work over the coming months and years, to deliver on our distinctive vision for how onefinestay can define and dominate its category.”
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