CouchSurfing CEO steps down amid layoffs, uncertainty
After a controversial move to incorporate as a for-profit company, CouchSurfing is reeling from a round of uncertainty. CEO Tony Espinoza has stepped down, appointing community experience manager Jen Billock as interim CEO.
The transition also comes with layoffs, rumored to be around 40% of staff. This would bring the head count to around 20 people, with a rumored 3-person engineering team – a significant drop after two recent financing rounds totaling $22.6 million.
So what happened?
After the latest round on August 22, 2012, the company blogged that the money would be used “to maintain our current staff and add new employees without needing to worry about our finances.” Clearly this increase in staff didn’t work out as intended, and the company was not able to most effectively leverage this new liquidity into the growth they intended.
By the numbers, the CS community doubled under Espinoza.
Read full story at: http://www.tnooz.com/article/couchsurfing-ceo-steps-amid-layoffs-uncertainty/