About Non-Founding CEOs, Turns, and Priorities – TechCrunch

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This may be your first time reading this newsletter. if so, welcome. If not here’s a new product just for you! Alex: created it. What if you read it? Last week’s issue, you know I’m in charge. This makes me look like a non-founding CEO, so today’s topic is also personal. Anna.

Transfers և Turns

Our colleague Brian Heather wrote: Peloton’s lower-than-expected earnings earlier this week. But aside from how many bike և subscriptions the fitness company has sold or not sold, it is this quote that caught my attention.

“Turns are hard work. It is intellectually difficult, emotionally exhausted, physically exhausted – consuming everything. It’s a full-fledged contact sport. “

This is an excerpt letter to shareholders was written by Peloton CEO Barry McCarthy since February. McCarthy’s predecessor, John Foley, has resigned as his co-founder cut 2,800 jobs worldwide, or about 20% of the number of executives.

McCarthy’s job has not been easy since then. The new executive director focused on three priorities, he said. «1. Stabilizing cash flow 2. Getting the right people in the right roles և 3. Growing up again. ” It is too early to say whether he will succeed in the end, but Peloton’s position is not unique.

Peloton is one of the few technology companies that enjoyed strong winds during the epidemic և now stands “Market blow”. He is included in the list Netflix:, Robin Hood o Zoom, for example.

Airbnb is a related but slightly different case. The company hopes that its housing market will benefit from the “travel restoration of the century”. But he also plans to reinvent himselfCEO TechCrunch told Brian Chesky.

Unlike Peloton, Chesky is the founding CEO who plans to lead Airbnb during this transition. But not every founder has the stamina or the right combination of skills to do so after years of leadership. This is one of the reasons why CEOs are so often replaced, և the technology sector can not behave like it has never happened before.

The cult of CEO has several forms, one of them double class shares. This structure of shares is part of a broader myth. The founding CEO must be in control forever. And of course, no one wants to lose control of their company or get fired by the board. But it also forgets that founding CEOs can wants to resign.

There are many reasons why leading founders leave. “Former executives are always leaving after the acquisition,” said my colleague Natasha Maskarenhas. On Twitter. (He commented on Ro’s healthcare company losing more staff than after gaining its fair share.)

The founders may also want to leave before the exit, even when the IPO is on the cards. Sometimes for the sake of their company. Sometimes for themselves. And sometimes both. That’s the case with Tom Blomfield, the founder of Monzo open about the misfortune that forced him to resignat the same time full of words of praise for his replacement.

There is no doubt about that. Submitting your favorite project can be bittersweet. And the prospect of owning one is still beyond the reach of the average person. But it’s not uncommon, so let’s stop pretending it is. Let’s just use the best, right?


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