UPDATE 1-Airbnb hires Amazon veteran as CFO ahead of potential IPO

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Nov 26 (Reuters) – Home-renting company Airbnb Inc on Monday hired Amazon.com Inc veteran Dave Stephenson as chief financial officer, ahead of a widely anticipated initial public offering next year.

Stephenson will start in early January, Airbnb said in a statement https://press.airbnb.com/dave-stephenson-joins-airbnb-as-chief-financial-officer , and will replace Laurence Tosi, who left the company in February.

Stephenson, who has been with Amazon for 17 years, was most recently vice president and CFO of the e-commerce giant’s worldwide consumer organization, which is responsible for all of Amazon’s global website sales including its Prime service.

Earlier this month, Airbnb said it had “substantially more” than $1 billion in revenue for the third quarter, marking its strongest quarter yet.

Airbnb, valued by private investors at $31 billion, has in recent months turned to new services and offerings to fuel growth, adding luxury vacation homes and hotels to its platform.

The company achieved its first full year of profitability in 2017 and is on track to report a profit this year. (Reporting by Arjun Panchadar in Bengaluru; Editing by Anil D’Silva)