Reddit adds chief revenue officer, new hires after year of M&A

Social media company Reddit Inc. has made several changes to its executive ranks about a year after filing for an initial public offering.

The company promoted Harold Klaje to be its first chief revenue officer. Klaje joined Reddit in 2020, and as president of global advertising expanded in markets like the UK, Germany and Australia. The company said that Klaje grew Reddit’s global sales teams by a factor of five during his tenure. The company also said Neal Hubman would take on a new role as vice president of global client solutions.

From outside the company, Reddit hired Ori Schnaps as VP of engineering core product. Schnaps had worked at Meta Platforms Inc.’s Facebook. Reddit also brought on Milana McCullagh as vice president of legal from Coinbase Global Inc.

Reddit, founded in 2005, currently has 54 million daily active users and 100,000 communities, the company said. Interest in the platform surged in 2021 and 2022 after a forum on the site called WallStreetBets contributed to a market frenzy for so-called meme stocks. Reddit user posts encouraged trading and wild swings in the prices of relatively obscure stocks such as AMC Entertainment Inc. and GameStop Corp.

While there’s been little news on Reddit’s planned initial public offering since the company filed in late 2021, it’s been actively buying up other startups over the past year. In September, Reddit acquired audience analysis company Spiketrap. And in October, Reddit bought machine learning startup Oterlu to boost its efforts in content moderation and safety. The social media platform has faced criticism in the past for a relatively hands-off approach to content moderation.

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