The athlete social network is searching for a new chief executive.
Stepping down. In an open letter published on the company’s website, Strava co-founder and CEO Michael Horvath announced his resignation.
“I have decided that Strava needs a CEO with the experience and skills to help us make the most of this next chapter.”
Horvath previously vacated the top spot in 2013 before returning to the helm in 2019.
Here and there. Founded in 2009, Strava has reached new heights in recent years.
- The platform’s user count exploded from 55M in May ’20 to 100M+ today.
- In November ’20, it raised $110M in funding at a valuation north of $1B.
- Strava acquired Recover Athletics and FATMAP to bolster its paid membership.
But, this period of growth included its share of challenges — the company has laid off staff and raised prices while trying to strike a balance between its free and premium offerings.
No easy task, Strava is attempting to enter new markets, from connected health to trail sports, without alienating its base of runners and cyclists — all while driving more subscription revenue.
Looking ahead: Now, according to Horvath, he’s handing over the reins to someone capable of taking Strava to the next level. Reading between the lines, his successor will likely be tasked with converting more paid subscribers and shoring up profitability en route to a potential IPO.
