Yelp Inc. has announced its next chief financial officer, Charles “Lanny” Baker. The site which is known for local business reviews has been consistently profitable, prompting Yelp to scale their business. Baker is replacing former CFO Rob Krolik, who resigned in early February following Q4 losses.
The San Francisco-based business was founded in 2004, and it went public in 2012, and it makes the bulk of its profit via selling advertisements. With that said, Yelp has struggled to maintain its profitability. In fact, Yelp posted losses each quarter, with the only exception being a large bulk of 2014.
Since it’s publication, the website has amassed millions of reviews, which depicted experiences with restaurants, health professionals, federal agencies, and other service providers. This has led to tension with competitors, such as Google’s owner, Alphabet Inc, which once tried to purchase Yelp. Yelp depends on Google and other search engines to attract users to the platform.
Barker is formerly the chief executive of the online real-estate brokerage company ZipRealty Inc, which was acquired by Realogy Holdings. He was also previously the CFO of Monster Worldwide, Inc, and a sell-side analyst. Additionally, he has a track record of building corporate finance strategies, and he’s led the infrastructure development processes for digital platforms that service customers. Also, he currently serves as the director of XO Group, Inc.
“We are excited to have Lanny join Yelp as our new CFO. His expertise and sheer passion for our mission made him the perfect fit,” said Jeremy Stoppelman, Co-Founder, and CEO of Yelp, according to a press release. “His track record of success across the financial, strategic and operational areas of digital businesses will be an important asset to the company as we continue to rapidly scale our advertising and transaction businesses.”
In response, Baker said, “It is a privilege to assume this important role at Yelp. The company has a huge market opportunity ahead of it, and I’m looking forward to joining the team at such an exciting time in Yelp’s development. As the clear category leader providing insight about local businesses, Yelp’s mission is one that truly inspires me.”
Yelp will host a conference call to discuss Q1 results at 1:30 p.m. Pacific Time (4:30 p.m. Eastern Time) on May 5, 2016.
To access the call, dial 1 (866) 776-8879, or outside the U.S. 1 (440) 996-5670, with Passcode 90874309, at least five minutes prior to the 1:30 p.m. PT start time. A live webcast of the call will also be available at http://www.yelp-ir.com under the Events & Presentations menu.
David E. Mickey is a financial executive based in Buffalo, New York, and he’s an Enterprise Sales Executive at Docupace Technologies. Please visit his websites to learn more: http://davidemickey.com; http://davidemickey.net/; and http://davidemickey.org/.