Compass is making a little more room in the C-suite.
The venture capital-backed residential brokerage is finalizing a new hire for chief operating officer, sources told The Real Deal. David Snider, the Bain & Co. alumnus who has acted as Compass’ CFO and COO for the past year, will move into an exclusively CFO role to make room for the new hire, they said.
Compass is in late-stage negotiations with an executive, sources familiar with the company said, and is expected to make an announcement in the next few weeks. The hire will also take on some of the more traditional responsibilities of a CEO, they said.
The change was announced to some senior staff at the company several weeks ago. But several Compass agents approached by TRD said they had not yet been informed.
In August, Compass raised $75 million in a Series D round that valued the brokerage at north of $1 billion, making it the residential brokerage world’s first unicorn. In total, Compass has raised $210 million from investors, including Wellington Capital Management, Institutional Venture Partners and Thrive Capital.
The 1,200-agent firm has been aggressively expanding in Los Angeles and San Francisco in recent months. In July, Reffkin told TRD that going public was not part of the company’s near-term game plan.
“The luxury of our capital base is that we can think long-term,” he said.