- Reddit has hired Drew Vollero as its first chief financial officer, it said Friday.
- The former Snap and Mattel exec will work across tax, financial planning, and advertising.
- Reddit CEO Steve Huffman told The New York Times the company was “thinking” about filing for an IPO.
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The social-media site Reddit has hired its first chief financial officer as it edges closer to going public.
The company announced Friday that it had appointed the former Snap, PepsiCo, and Mattel executive Drew Vollero to the role.
“We’re thinking about it,” Huffman told The New York Times on Friday when asked whether Reddit would file for an initial public offering. “We’re working toward that moment.” He added that Reddit didn’t have a timeline for the filing.
Reddit has hit the headlines in 2021 after day traders banded together on the subreddit r/wallstreetbets, a group on the website, to bump up the prices of several “meme stocks.” This caused GameStop stock in particular to jump massively and was costly for a few prominent Wall Street hedge funds that had bet against the company.
The story generated huge interest in Reddit, which cashed in on the publicity by taking out an ad during the Super Bowl.
Huffman also testified at a House Financial Services Committee hearing into the saga in late February, where he said that investing advice on the site was “among the best.”
In the midst of the chaos, the company said it had raised $US250 ($327) million in a late-stage funding round in February at a valuation of $US6 ($8) billion – double its previous valuation from a funding round two years earlier.
Vollero has more than 30 years of experience in finance roles, including at Yum Brands, Taco Bell, PepsiCo, and Mattel. His most recent role was at the security company Allied Universal, and before that he served as the first CFO of Snapchat’s parent company, Snap, where he led the company through its $US33 ($43) billion IPO in 2017.
In his role at Reddit, Vollero will work across areas including tax, treasury, audit, financial planning, sales finance, accounting, procurement, and investor relations, the company said. Reddit said 2020 was a “pivotal” year in its advertising business, with its advertising revenue increasing 90% year-over-year in the fourth quarter.
Vollero is set to start in the role later this month. Reddit says his favorite subreddits are r/dadjokes, r/worldnews, r/travel, and r/leadership.
His appointment is expected to be followed by other executive hires. Huffman told The Wall Street Journal in February that more than one new executive would be starting in the coming months, adding that the company planned to double its employee count to 1,400 in 2021.