Compass bringing in new COO: sources

David Snider will continue to act as CFO for VC-backed brokerage

TRD New York /
Jan.January 04, 2017 01:38 PM

Robert Reffkin and David Snider

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 TRData LogoTINY 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.

Representatives for the firm, which is headed by CEO Robert Reffkin and executive chairman Ori Allon, declined to comment.

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.

Related Articles

Adam Neumann and 78 Irving Place (Credit: Getty Images and StreetEasy)

Adam Neumann looks to sell Gramercy penthouse

1 John Street and 74 Devoe Street in Brooklyn (Credit: StreetEasy)

Ten months, 10% below asking: Dumbo condo leads Brooklyn sales

Compass CEO Robert Reffkin and Realogy CEO Ryan Schneider (Credit: Columbia and iStock)

Compass to Realogy: You can’t sue us

Residential agents are uniquely positioned to assist buyers who are in the in-between phase (Credit: iStock)

Why Compass, @properties and tech startups are diving into bridge loans

The Daily Digest - Tuesday

Zillow president to step down, Compass buys AI startup

Softbank CEO Masayoshi Son (Credit: Getty Images)

The people left behind by SoftBank’s startups

Amenity insanity in LA luxe condo market

Amenity insanity in LA luxe condo market

Since 2012, Compass’ aggressive hiring of top agents from rival firms has stung competitors (Credit: iStock)

Has Compass eased recruiting?