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As Vacasa works to grow its share in the holiday rental market, the property 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 Chief Executive Matt Roberts, effective Sept. 6.
The leadership change comes two weeks after Vacasa reported better-than-expected quarterly earnings and raised its full-year guidance. The news sent the top off 25% on the day. To date this yr, the corporate’s shares are down about 42%. Its market cap is $2.07 billion.
Greyber said a weakening economy is proving to be a tail wind for Vacasa’s property management business as more people look to list their homes and make some extra money. Greyber also said homeowners who switch to Vacasa from one other vacation rental manager earn a median of 20% more per yr.
He comes into the job with an enormous endorsement. Greyber was a protege of Uber CEO Dara Khosrowshahi, who was the CEO of Expedia from 2005 to 2017.
“I in a short time saw Rob’s potential and ultimately promoted him to run Egencia, which was our corporate travel subsidiary,” Khosrowshahi told CNBC in a phone interview.
Under Greyber’s 11-year tenure on the helm of Egencia, Khosrowshahi said, the business “was all about bringing the facility of technology to take corporate travel, which was still pretty high-touch and traditional, to maneuver it forward to the identical transformation that you simply saw online travel undergo.”
Greyber, in turn, praised his former boss.
“I believe considered one of the things he showed me as a frontrunner is that you’ve gotten to take a step back sometimes … the automobile goes where the eyes go, and whilst you are focused on the small print and on the execution, ensuring that you simply regulate where you are heading,” Greyber told CNBC in a phone interview.
He’ll should apply that lesson as he takes the helm at Vacasa.
As a big property manager that provides services spanning from managing bookings to cleansing rentals, the continued labor shortage is widely seen as a challenge for the corporate.
When asked how he plans to navigate the tight jobs market, Greyber said, “it comes right down to execution.”
TPG Pace Solutions took Vacasa public through a special purpose acquisition company in 2021. Since then, the corporate has had a volatile ride. While its shares are up 86% prior to now month, the stock remains to be trading well below its IPO price at about $5 a share.
“There’s been pressure overall out there during the last six to 12 months. My focus goes to be on doing the things which might be going to create value in the long term,” Greyber said.