Leaving as billionaires, they exuded the relentless positivity of Silicon Valley. Pinterest is “just getting started,” the founders wrote, Airbnb is “in the best shape it’s ever been,” and Instacart has a “tremendous opportunity.” Both Mr Mehta and Mr Gebbia said they have plans for new projects.
Investors say they expect founders to quit more and realize they have to work harder now (relatively speaking). “Now, they can get some executives to come forward and take over and grow it with different incentives,” Mr Cohen said.
Last week, Brad Hargreaves, the founder of Common, a startup that operates public living spaces, announced he was stepping down as chief executive to become chief creative officer. The company’s head of property, hospitality industry veteran Karlene Holloman, will take over as CEO.
The market downturn was a factor in Hargreaves’ decision. In good times, he says, it’s good to have a founder at the top of the company who can sell big visions to investors, employees and customers. “Operations really aren’t that important,” he said. “Nobody really cares about the bottom line.”
Today’s environment requires people with Ms. Holloman’s extensive experience and operational skills, he said. “In more pressing times, when operations are very important and no one is willing to embrace any grand vision, you need an operator in that seat,” he said.
“A lot of founders and CEOs stick around for too long,” he added.
So far, founders who have stayed on during the downturn — many including Stripe, Coinbase, and Discord — can expect greater demand and more pressure. Stock-trading app Robinhood has laid off more than 1,000 employees this year after losing active customers. Mizuho Securities analyst Dan Dorev said some investors have privately suggested that Robinhood bring in a more experienced executive to help its co-founder Vlad Teneff. Mr Tenev cannot be forced out because he shares a controlling stake in the company with his co-founder Baiju Bhatt.
