Compass bringing in new COO: sources

Los Angeles /
Jan.January 04, 2017 02:00 PM

From the New York website: 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.

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

arrow_forward_ios
Michael Nourmand (Facebook via Nourmand & Associates)
Compass tries to recruit brokerage owner Michael Nourmand
Compass tries to recruit brokerage owner Michael Nourmand
Mauricio Umansky, Rainy Hake Austin and Robert Reffkin (Getty)
The Agency sues Compass for blocking exec from recruiting former colleagues
The Agency sues Compass for blocking exec from recruiting former colleagues
Tomer Fridman (Compass, Hilton & Hyland)
Compass’ Tomer Fridman jumps to Hilton & Hyland
Compass’ Tomer Fridman jumps to Hilton & Hyland
Rober Reffkin and J. Gregory Maffei (Getty, Linkedin, iStock)
Compass poached brokers with bait-and-switch, ex-agent alleges
Compass poached brokers with bait-and-switch, ex-agent alleges
Dana Olmes and Jeffery Biebuyck (Getty, Dana and Jeff Luxury Homes)
This Side up: White label brokerage plucks luxury team from Compass
This Side up: White label brokerage plucks luxury team from Compass
Chris Cortazzo (Credit: Marc Piasecki/GC Images via Getty Images)
One person, three roles: Chris Cortazzo buys $20M Malibu home, serves as agent for both sides
One person, three roles: Chris Cortazzo buys $20M Malibu home, serves as agent for both sides
Nile Niami and his Bel Air spec home (Credit: Araya Diaz/Getty Images, Juwan Li and Marc Angeles)
Compass lending service sues Nile Niami over Bel Air mansion
Compass lending service sues Nile Niami over Bel Air mansion
From left: Tami Halton Pardee, Chris Cortazzo, and Kurt Rappaport (Credit: OGUT/Star Max/GC Images via Getty Images, Joshua Blanchard/Getty Images, and Anne Cusack/Los Angeles Times via Getty Images)
LA’s market makers: A ranking of top resi agents by on-market deals
LA’s market makers: A ranking of top resi agents by on-market deals
arrow_forward_ios

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

Loading...