The world’s most popular internet message board is considering going public.
Reddit, the social network and online bulletin, announced Thursday that it has appointed its first CFO, Drew Vollero, to clean up the company’s books before an eventual public offer of its shares.
Mr. Vollero, 55, previously worked in finance for Mattel, Snap and Allied Universal. His job at Reddit will be to grow the finance, auditing and accounting functions and lead the company through the IPO.
“Is Reddit going public?” Steve Huffman, Reddit’s executive director, said in an interview. “We think about it. We are working towards this moment. “
Mr Huffman said Reddit doesn’t have a schedule, but Mr Vollero’s appointment suggested that the 15-year-old company is developing its financial operations to be more similar to those of its publicly traded counterparts like Twitter and Facebook. More than 52 million people visit Reddit every day and there are more than 100,000 topic-based communities or sub-forums.
For years, Reddit was kind of a return to the message board era of the internet, where people gathered to discuss topics as diverse as makeup and video games. It looked at various models and occasionally sparked controversy, such as its role in facilitating online bullying and the distribution of hateful content.
One of the co-founders of Reddit, Mr. Huffman, returned to run the website in 2015. He has transformed many areas of the business, eliminated hate speech and digital abuse, and expanded the company’s advertising and direct-to-consumer products business. Reddit has revised its Terms of Service to ban the malicious content that filled some of its sub-forums in earlier days.
Reddit has also expanded its leadership roles in the past few months, hiring a security chief, and appointing a new member to its board of directors. In December, the company acquired Dubsmash, a video-centric social app that competes with TikTok. Last month, Reddit raised $ 250 million in new capital, its largest round of ventures, and valued the company at $ 6 billion.
Reddit plans to use the funds to expand its business, including its finance team, Huffman said. He also wants to make Reddit more mainstream by improving the product or making other investments, he said.
“Reddit can be hard to come by at first,” said Mr. Huffman. “It will take a little bit. We want to shorten this time. “