Rapidly growing vacation rental company Vacasa announced Tuesday that CEO and founder Eric Breon is stepping down while former OpenTable CEO Matt Roberts will temporarily take his place.
Eric Breon
Breon, who founded Vacasa more than a decade ago, will continue to serve on the company’s board of directors and, according to a statement, will work on the firm’s strategy. In a statement, he said that after a decade, “the time was right for me to step away from day-to-day operations and focus on the strategic vision for our business.”
“As we look to the tremendous growth opportunity ahead, we’re seeking the best long-term CEO to lead the large and dynamic organization that Vacasa has become,” Breon added.
In the short-term, Roberts — who was also a Vacasa board member — will serve as interim CEO. However, the company has also hired a recruiting firm to conduct a search for a permanent chief executive.
Matt Roberts
Roberts praised Breon in a statement Tuesday.
“Eric’s entrepreneurial skill to build Vacasa into North America’s largest vacation rental management platform is incredibly impressive,” he said. “With the recent acquisition of Wyndham Vacation Rentals and completion of a new round of funding, this is an exciting time in Vacasa’s development and we’re well poised for continued growth into our large market opportunity.”
The transition comes amid a time of significant growth for Vacasa. The acquisition Roberts mentioned was first announced last July and grew the company’s portfolio of vacation rental units to more than 23,000. Vacasa manages the units on behalf of individual owners, taking care of things like bookings and maintenance.
Visitors to the properties can book either directly through Vacasa’s platform, or via third-party websites such as Airbnb.
In addition to the Wyndham Vacation Rentals deal, Vacasa last year also acquired a Seattle-based rental company, launched an interior design service and raised $319 million to fund expansion.
The company became the largest firm of its kind in North America in 2018, the same year it also began managing entire communities of vacation-oriented housing.
Today, Vacasa’s portfolio includes more than 25,000 properties, according to a statement. The company also employs more than 6,000 people across the world, and claims that it is “on track to exceed $1 billion in gross bookings and in excess of $500 million in net revenue in 2020.”
