Airbnb executive to step down as startup revives IPO plans

Departing president of Homes division was recruited from Amazon two years ago

National /
Jul.July 16, 2020 10:00 AM
Former president of Airbnb’s Homes division, Greg Greeley and Airbnb CEO Brian Chesky (Airbnb, Getty)

Former president of Airbnb’s Homes division, Greg Greeley and Airbnb CEO Brian Chesky (Airbnb, Getty)

Three weeks after detailing how Airbnb almost “lost everything” after the pandemic hit, CEO Brian Chesky is reviving plans for a 2020 public offering.

“When the market is ready, we will be ready,” Chesky wrote in an email to staff on Wednesday, according to the Financial Times. “We were down, but we’re not out.”

The message came after Chesky earlier announced that the president of Airbnb’s Homes division, Greg Greeley, would step down after two years with the company.

The role, which involved overseeing the company’s central rental business, will be assumed by Catherine Powell — currently head of Experiences — and the division will be rebranded as Hosting.

“If we’re going to get back to our roots, we must get back to great hosting,” Chesky said, in reference to the company’s strategy for bouncing back from the pandemic.

Greeley, who was recruited from Amazon, has not commented on his exit.

Airbnb’s growth plans were withered by the pandemic, which halted global travel and saw the startup’s revenues nosedive. In May, Airbnb laid off almost 2,000 employees — some 25 percent of its staff — as it grappled with the fallout.

With states reopening and travel slowly resuming, the company recently reported that rural stays were increasing. But bookings in urban markets, including New York City, remain down.

Chesky has addressed the IPO several times in recent weeks — both in interviews and in the latest email to staff. Still, he has not provided any granular details about a timeline.

“We’re not committing to going public this year,” he told the FT, “but we’re not ruling it out.” [FT] — Sylvia Varnham O’Regan


Related Articles

arrow_forward_ios
From left: Mayor Bill de Blasio, 54 West 39th Street, 62 Grand Street, and 208 West 30th Street (Credit: Google Maps)
The Airbnb crackdown continues: City targets three more buildings
The Airbnb crackdown continues: City targets three more buildings
Mayor Bill de Blasio and Stanley “Skip” Karol, an Airbnb host (Credit: Getty Images and Youtube)
Airbnb host narrowly clears hurdle in First Amendment claim against city
Airbnb host narrowly clears hurdle in First Amendment claim against city
A West Village Airbnb listing (Credit: Airbnb)
Airbnb Luxe launched without listings in one of their biggest potential markets — why?
Airbnb Luxe launched without listings in one of their biggest potential markets — why?
The exterior of the home with Marlon Brando as Don Corleone (AirBnb, Illustration by The Real Deal with Getty)
Live like a don: “Godfather” mansion touted on Airbnb
Live like a don: “Godfather” mansion touted on Airbnb
Mayor Eric Adams and 344 E 51st Street (Getty, Google Maps)
Mayor cracks whip on broker’s short-term rental scheme
Mayor cracks whip on broker’s short-term rental scheme
64 South Elroy Drive in Montauk (Google Maps, iStock)
NYC cinema owner racks up Airbnb fines in Montauk
NYC cinema owner racks up Airbnb fines in Montauk
The glamping tent (Glamping Hub, iStock)
Happy glamper: Tented Airbnb only miles from Hawaii volcano
Happy glamper: Tented Airbnb only miles from Hawaii volcano
Airbnb's Brian Chesky (Getty, iStock)
China’s internet sanctions drive out Airbnb
China’s internet sanctions drive out Airbnb
arrow_forward_ios

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

Loading...