David Snider pushed out as Compass CFO

Flywheel's Craig Anderson to join startup next week

TRD New York /
Aug.August 30, 2017 06:29 AM

David Snider, Compass’ chief financial officer and one of the main architects of the brokerage’s venture-capital raising machine, is leaving the firm, The Real Deal has learned.

In his place, the venture-backed startup has tapped Craig Anderson, a former COO and CFO of the cycling chain Flywheel, who will assume the post Sept. 5. Anderson will report to CEO Robert Reffkin and will facilitate the startup’s “hypergrowth,” Compass said in a statement.

Snider, an alumnus of Bain Capital, was among the firm’s earliest hires, coming on board as head of finance and operations. He later became the company’s COO and CFO, roles he held until this year when Compass hired Maëlle Gavet, a top executive from Priceline, to be COO.

With Gavet on board, Snider moved into a pure CFO role. During his tenure, Compass raised over $225 million from investors, most recently at a $1 billion valuation. Snider was one of the key people involved in raising the rounds, according to sources familiar with the company.

Compass confirmed the CFO transition early Wednesday. “Robert and the board made the decision that we need an experienced CFO who is a fit with our culture,” said Julie Binder, Compass’ head of communications.

Anderson, who helped expand Flywheel to 40 locations, previously served as president and COO of Opt-Intelligence, an online advertising exchange. He also worked at the Blackstone Group in its restructuring and reorganization group.

In addition to Anderson, Compass has made several C-suite hires this year, including Gavet and Madan Nagaldinne who will be the company’s chief people officer. Binder joined the startup in January.

In a statement Snider said he was grateful to have worked with the company’s founding team for four and a half years. “Compass continues to achieve unprecedented growth and its future is bright,” he said. Snider plans to return to Bain, where he will be an executive in residence working on the venture capital team in New York.

Sources said that several weeks ago, Reffkin approached Snider to inform him that Compass had started looking for his replacement. “We were all shocked,” said a source at the firm, who added that Snider was “highly regarded” at the brokerage and among investors. The source cited tension between Snider and other executives — specifically Gavet — in recent months. “It was noticeable,” the source said. “She has very strong ideas of what needs to be done.”


Related Articles

arrow_forward_ios
Data on third quarter CRE investments suggests a nationwide improvement, but Manhattan has been slow to recover (iStock)

NY falls behind Dallas, LA in CRE investment as deals surge nationwide

NY falls behind Dallas, LA in CRE investment as deals surge nationwide
Existing home sales rose again in September as listed inventory sunk to a new low. (iStock)

Existing homes sales remain high, but inventory is “historically low”

Existing homes sales remain high, but inventory is “historically low”
 Jennifer Lawrence and 17 Jane Street with Edward Minskoff (Getty; Sciame Construction)

Jennifer Lawrence buys at Ed Minskoff’s West Village condo

Jennifer Lawrence buys at Ed Minskoff’s West Village condo
Gov. Andrew Cuomo (Getty; iStock)

New York City lifts lockdown for some Covid hot spots

New York City lifts lockdown for some Covid hot spots
217 West 57th Street with Extell Developement's Gary Barnett and Corcoran's Pamela Liebman (Photos via Extell; Barnett via Anuja Shakya)

Extell brings on Corcoran Sunshine to help market Central Park Tower

Extell brings on Corcoran Sunshine to help market Central Park Tower
660 Madison Avenue (Photo via Jenel Real Estate)

Safra family finally begins 660 Madison’s office-to-resi conversion

Safra family finally begins 660 Madison’s office-to-resi conversion
The Northeast is driving gains in building permits and housing starts (iStock)

Northeast drives gains in building permits, housing starts

Northeast drives gains in building permits, housing starts
(Getty, iStock)

Mortgage applications to buy homes decline for fourth straight week

Mortgage applications to buy homes decline for fourth straight week
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...