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Airbnb delays IPO

A lot is happening at Airbnb in 2018, and it’s only the second month into the year. Airbnb will be losing its CFO, Laurence Tosi, who has been with the company since July 2015. The company will also be getting its first COO and finally the company will not be going public this year.

In a blog post, Airbnb CEO Brian Chesky stated that Tosi will be leaving the company in order to “dedicate his full time and energy to his investment fund, Weston Capital Partners, and dedicate time to the several boards he currently sits on.”

According to CNBC, Airbnb, the short-term home rental company founded in 2008, was last valued at $31 billion and has been a private company for 10 years, which once considered an eternity in the venture capital world. However, this is no longer true as more and more tech start-ups are staying private for a longer period of time.

While Tosi is leaving, Airbnb is promoting its top female executive, Belinda Johnson, to the role of COO, the company’s first in its 10-year history. Johnson joined Airbnb in 2011 as chief business affairs and legal officer, where she led efforts to work with city governments and was at the forefront of the company’s many legal battles. Prior to Airbnb, she served as general counsel at Yahoo and Broadcast.com. She is considered one of the most powerful women in Silicon Valley.

Chesky stated “the COO is one of the most critical positions in any company.” Before the holidays, I made a decision about who was right for this role, and I’m incredibly excited to announce that we have appointed Belinda Johnson.”

During his tenure at Airbnb, Tosi helped turn the startup profitable, through his experience on Wall Street and his financial discipline. Tosi, served as CFO for Blackstone Group before joining Airbnb in 2015. His decision to leave the company most likely stemmed from Chesky’s decision to promote Johnson, due to their different philosophies.

Tosi’s departure raises questions about the timeline for an initial public offering, which now won’t come until next year at the earliest. “We’re working on getting ready to go public and we will make decisions about going public on our own timetable,” said Chesky.

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