Nextdoor, a struggling local networking site, is considering replacing CEO Sarah Friar with co-founder Nirav Tolia, who previously served as CEO. The board is also contemplating selling the company due to its declining stock value. Tolia is set to return as CEO after a significant stock decline in the past two years. The company's stock opened at $13.01 during the IPO but is now valued at $1.72, prompting discussions on a potential CEO change or sale.
Sources
Trace Cohen
6yrs later after they kicked the founder of Nextdoor out, SPACed it into the ground, they bring the CEO back “Tolia had said in an email to employees that the role of CEO needed to evolve as the company evolves. He also said then that he will remain the company’s board chairman” https://t.co/fuGDwqvQae
Erica Sandberg 舊金山的神奇女俠 excellent news: Nextdoor CEO @thefriley booted, just before company hits rock bottom. I hope @niravtolia scraps the insanity that drove it into the ground. its HQ is in SF, so I want it to grow. more jobs = more life. https://t.co/LbAQLyAfpr https://t.co/4SBzfBpTfz
- Trace Cohen
“Nextdoor today confirmed that its co-founder, Nirav Tolia, will return as CEO after a steep stock decline over the past two years.” The SPAC is down 80% but up off the bottom. Bringing back the founder! https://t.co/ElunpjngLv
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