SAN FRANCISCO (Diya TV) — Nirav Tolia, Co-Founder of Nextdoor Holdings has returned as CEO, President & Chairperson of the board. Tolia is set to take over these roles in the second quarter of 2024, succeeding Sarah Friar, who has served in these capacities since 2018 and will be stepping down during the planned transition.
Under Friar’s leadership, Nextdoor witnessed remarkable growth, boasting over 88 million verified users spanning across more than 330,000 neighborhoods worldwide. Tolia expressed appreciation for Friar’s contributions, which included steering the company through its initial public offering and expanding its global footprint.
Originally from India, Nirav grew up in Texas and attended Stanford University. Since stepping down as CEO, Nirav has appeared on ABC’s Shark Tank as an investor.
The leadership transition aligns with Nextdoor’s release of preliminary unaudited financial results for the fourth quarter of 2023. These figures demonstrate a 5% year-over-year increase in weekly active users (WAU) to 41.8 million, accompanied by a 3% uptick from the previous quarter. Notably, the company’s quarterly revenue surpassed expectations, reaching $56 million, surpassing the projected range of $50 million to $52 million.
In addition to the leadership changes, Nextdoor’s Board of Directors has greenlit a $150 million increase to the company’s share repurchase authorization, bringing the total to $250 million, with approximately $77 million already utilized. The share repurchase program has been extended until March 31, 2026
Operating in 11 countries, Nextdoor aims to foster connections among neighbors, businesses, and public entities to nurture vibrant communities. The company is scheduled to unveil its full Q4 2023 results on February 27, 2024. With Tolia’s reinstatement, Nextdoor anticipates continued innovation and growth in its mission to facilitate neighborly bonds and community engagement.
