US: Vacation rental management company Vacasa has added two experienced executives to its board of directors in the shape of Chris Terrill and Chad Cohen.
Terrill was formerly the CEO of internet services company ANGI Homeservices [Angie’s List] / HomeAdvisor, while Cohen has been the CFO of Adaptive Biotechnologies and is the former CFO of online real estate database firm Zillow Group. Both will join the Vacasa board as independent directors.
Vacasa CEO Matt Roberts said: “Our independent directors join us at an exciting time for Vacasa. Consumer demand for professionally managed vacation rentals is at an all-time high, which has helped Vacasa outperform our financial forecasts.
“I look forward to working alongside Chris and Chad to leverage the opportunities that our thriving business model and healthy balance sheet have afforded us,” he added.
Terrill said: “I enjoy working with brands with marketplace business models that take a cumbersome, complex process and make it unbelievably efficient and scalable. Vacasa has emerged as the leading company in the vacation rental industry providing both homeowners and guests with exceptional service.”
Cohen said: “As someone who has worked extensively with Pacific Northwest companies, it has been exciting to watch Vacasa rise to its leadership position in the vacation rental industry. I look forward to bringing my expertise to an organisation that leverages technology to provide best-in-class experiences for homeowners and guests.”
Terrill is a retired CEO and internet services executive with experience in building and managing highly successful brands. He served as CEO of HomeAdvisor for over seven years and in October 2017, facilitated a reverse merger of ANGI Homeservices [Angie’s List] that created the largest publicly traded home services company, with a peak valuation of $11 billion market cap.
Prior to entering the home services industry, Terrill held senior positions with recognisable consumer brands such as Match.com, Chemistry.com, Blockbuster and NutriSystem, specialising in marketing, product development and e-commerce. He has also been on a number of boards throughout his career, and will maintain his board seat with Realogy Holdings Corp.
Cohen is the CFO of Adaptive Biotechnologies, a publicly held Seattle-based company seeking to translate the scale and precision of the adaptive immune system into products to diagnose and treat disease. He also holds an advisory role as operating partner at Cota Capital.
Prior to joining Adaptive, Cohen spent more than nine years with Zillow Group where he served as CFO, among other finance roles during his tenure. He has worked with Ticketmaster and Ernst & Young and has extensive board experience contributing to the success of Ticketfly, Trupanion and Adaptive, before assuming the role of CFO.
Cohen will serve as chair of the audit committee on Vacasa’s board of directors.
Vacasa operates a portfolio of more than 25,000 professionally managed homes across the United States, and has grown to become one of North America’s largest full-service vacation rental management platform.
In June, the company raised $108 million in a strategic investment round led by existing investor Silver Lake, the private equity firm which has also helped to invest in Airbnb and Expedia this year, with participation from other existing investors including Riverwood Capital and Level Equity.
Speaking at the time, Roberts said: “As we begin to emerge from this global crisis with an infusion of capital, we are in a very strong financial position to capture consumer demand. We believe there will be a preference shift from hotels to professionally managed vacation rentals as privacy and cleanliness rise to be top priorities for travellers.”