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As Vacasa works to cultivate its share in the vacation rental market, the house management company is tapping longtime travel executive Rob Greyber to be its next CEO.
Greyber, who led Expedia‘s Egencia division from 2009 to 2020, will succeed current LEADER Matt Roberts, effective Sept. 6.
The leadership change comes fourteen days after Vacasa reported better-than-expected quarterly earnings and raised its full-year guidance. The news headlines sent the fill up 25% on your day. So far this season, the business’s shares are down about 42%. Its market cap is $2.07 billion.
Greyber said a weakening economy is proving to become a tail wind for Vacasa’s property management business as more folks turn to list their homes and make some supplemental income. Greyber also said homeowners who switch to Vacasa from another vacation rental manager earn typically 20% more each year.
He makes the work with a large endorsement. Greyber was a protege of Uber CEO Dara Khosrowshahi, who was simply the CEO of Expedia from 2005 to 2017.
“I rapidly saw Rob’s potential and ultimately promoted him to perform Egencia, that was our corporate travel subsidiary,” Khosrowshahi told CNBC in a phone interview.
Under Greyber’s 11-year tenure at the helm of Egencia, Khosrowshahi said, the business enterprise “was about bringing the energy of technology to take corporate travel, that was still pretty high-touch and traditional, to go it forward to exactly the same transformation that you saw online travel proceed through.”
Greyber, subsequently, praised his former boss.
“I believe among the things he showed me as a leader is you need to have a step back sometimes the automobile goes where in fact the eyes go, and also as you’re centered on the facts and on the execution, ensuring you keep a watch on where you’re heading,” Greyber told CNBC in a phone interview.
He’ll need to apply that lesson as he takes the helm at Vacasa.
As a big property manager that provides services spanning from managing bookings to cleaning rentals, the ongoing labor shortage is widely regarded as a challenge for the business.
When asked how he plans to navigate the tight jobs market, Greyber said, “it boils down to execution.”
TPG Pace Solutions took Vacasa public by way of a special purpose acquisition company in 2021. Since that time, the company has already established a volatile ride. While its shares are up 86% previously month, the stock continues to be trading well below its IPO price at about $5 a share.
“There has been pressure overall on the market during the last six to 12 months. My focus will be on doing things that are likely to create value over time,” Greyber said.