For the second time in the company's history, Michael Horvath is stepping down as CEO of Strava.
Horvath, who co-founded the San Francisco-based social network for outdoor enthusiasts in 2009 with Mark Gainey, stepped down in 2013 to take care of his wife and their children. He remained as president and board chair through 2017, the same year his wife died from cancer.
He retook the CEO role in 2019 in the face of financial issues at the company, but now says it's time for new leadership. He did not say what his new role at Strava will be.
The company, which did not immediately return a request for comment Monday, has begun a search for a new CEO, according to a Feb. 6 blog post.
"I have decided that Strava needs a CEO with the experience and skills to help us make the most of this next chapter," Horvath wrote in the post, first reported by TechCrunch.
"Mark and I are as committed to Strava’s future as ever. We’ve got exciting things in store for all of you in 2023. Together with the support of our leadership team and board of directors, I want to ensure that Strava doesn’t miss a beat between now and when we find our new leader."
Strava allows users to track over 30 different types of athletic and outdoor activities, according to the website, sharing their exercise activity with friends.
In 2020, the company raised $110 million in a Series F round that was led by TCV and Sequoia Capital, which pushed its valuation to $1.76 billion, according to PitchBook.
It also clocked its first profit in 2020 as people started gravitating toward more outdoor activities during the pandemic and its revenue continued to grow in 2021, mostly boosted by subscriptions, according to the Guardian.
Strava now has more than 100 million members around the world, as well as offices in San Francisco, Denver, England and Ireland. Last year, it suspended its services in Russia and Belarus in response to Russia's invasion of Ukraine.
The "next chapter" for Strava could include going public, though Horvath hasn't been in a rush to get there, and the IPO market is still largely uncertain.
“I do see it as something we’ll do in the future,” Horvath told the Guardian. "But it has to be done at the right time. It is not an end itself; it is a means to an end."
In January, the company also said it would acquire London-based Fatmap for an undisclosed amount. Fatmap creates 3D maps of terrain used for skiing, biking and hiking.
You can read Horvath's full blog post below.
Dear Strava Community,
This week I let Strava, the company, know that we are commencing the search for my successor as CEO. I feel it is important to share the same news with you, the Strava Community.
When Mark Gainey and I, together with the founding team of Davis Kitchel, Chris Donahue, Mark Shaw and Pelle Sommansson, started Strava in 2009 we set out to bring people together around what they loved to do to be active. Over the years we have grown the team and our community well beyond the expectations we set for ourselves at the time. I am so appreciative of the hundreds of individuals who have joined us over the years in building Strava into what it is today, the service you rely on for daily connection and motivation. I am extremely proud that in my second run as CEO, through the dedication of this team and under my leadership, we have expanded who Strava is built for, invested in people and technologies to help more people find the motivation to be more active, and transformed our business success through the simple principle of making the product better.
I have great confidence that these investments will put Strava and our subscription at the center of connected fitness for many, many more people over the coming decade and beyond. This represents a massive opportunity to help the world be more active and healthier! Yet, as co-founder and CEO, it’s only part of my job to ensure we are picking the right path to that destination. The other part of it is to ensure we always recruit and support the right leaders for the right times. What got us here will not be exactly the same as what will get us there. I have decided that Strava needs a CEO with the experience and skills to help us make the most of this next chapter. The search for Strava’s next CEO is underway and I can’t wait to see how Strava becomes the company and service that motivates the world to move.
Mark and I are as committed to Strava’s future as ever. We’ve got exciting things in store for all of you in 2023. Together with the support of our leadership team and board of directors, I want to ensure that Strava doesn’t miss a beat between now and when we find our new leader.
With deep gratitude,
Michael
