Reddit Names Its First Finance Chief

Reddit Inc. named its first finance chief, shortly after the social-media company received attention for its role in the recent Wall Street trading frenzy and doubled its valuation in a funding round. Drew Vollero is joining the social-media company later this month as chief financial officer, the San Francisco-based startup […]

Reddit Inc. named its first finance chief, shortly after the social-media company received attention for its role in the recent Wall Street trading frenzy and doubled its valuation in a funding round.

Drew Vollero is joining the social-media company later this month as chief financial officer, the San Francisco-based startup said Friday. Mr. Vollero is currently the CFO of Allied Universal, a security and facility services firm. He was previously finance chief of

Snap Inc.,

the social-media messaging company, a role he left in 2018, according to his LinkedIn profile. He will report to

Jen Wong,

Reddit’s chief operating officer.

In his new role, Mr. Vollero will be responsible for building out Reddit’s finance function across several areas, including treasury, audit, sales finance, accounting, procurement and investor relations, the company said.

In Mr. Vollero, Reddit also has chosen a finance chief who has experience leading a venture-backed firm through a public listing. As Snap’s first CFO, he led the maker of the Snapchat disappearing-message app through its 2017 initial public offering and expanded its finance, accounting and audit functions, according to Reddit.

“He will be a tremendous addition to our executive team, as Reddit continues accelerating our business and user growth,” said

Steve Huffman,

the company’s co-founder and chief executive.

Drew Vollero, the new CFO of Reddit.



Photo:

Reddit

Reddit, which was founded in 2005, last month said it raised $250 million and doubled its valuation to $6 billion in a late-stage funding round led by venture-capital firm Vy Capital. The company, which was previously valued at $3 billion, also counts venture firm Andreessen Horowitz and

Tencent Holdings Ltd.

among its investors.

Reddit has gained attention in recent weeks as users of its WallStreetBets community forum encouraged each other to purchase the shares of heavily shorted stocks, such as

GameStop Corp.

and

AMC Entertainment Holdings Inc.

The company has said the episode helped it attract new advertisers and bring back lapsed ones. It said Friday it currently has about 52 million daily active users.

Wall Street is in an uproar over GameStop shares, after members of Reddit’s popular WallStreetBets forum encouraged bets on the video game retailer. WSJ explains how options trading is driving the action and what’s at stake. (Originally Published Jan. 29, 2021)

Write to Kristin Broughton at [email protected]

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