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Short-Term Rentals

Vacasa Appoints TurnKey Co-Founder as Chief Operating Officer

2 years ago

Just five weeks after Rob Greyber became CEO of Vacasa, the board has shaken up the leadership ranks anew, including naming TurnKey co-founder John Banczak chief operating officer, effective immediately.

Vacasa vacation home in Camp Connell, California
Vacasa vacation home in Camp Connell, California. Source: Vacasa

TurnKey was Vacasa’s main rival among property management companies in North America until Vacasa bought Turnkey for $619 million in April 2021.

John Banczak. Source: Vacasa

Banczak will supervise Vacasas’s field and central operations teams, the company said Friday in a U.S. Securities and Exchange Commission filing.

Banczak had served as Vacasa’s chief strategy officer.

In other moves, Greyber, who formerly headed Egencia for Expedia Group, will add chief product officer to his current CEO duties on an interim basis. Michael Xenakis, Vacasa’s chief product officer, will leave the company at the end of the month, Vacasa stated.

Vacasa led its announcement about executive changes with the promotion of Chief Operating Officer Craig Smith to the role of chief commercial officer. Smith had become Vacasa’s chief operating officer in early 2021.

In his new role as chief commercial officer, Smith will also assume Michael Dodson’s responsibilities as chief revenue officer. Vacasa said Dodson will exit the company in early November.

Some 10 months ago, Vacasa closed its first day of trading on Nasdaq in a blank check merger on December 7, 2021 at $9.84 per share, and closed trading Friday at $3.25.

Vacasa generated $9.94 million in net income in the second quarter, which ended June 30, on revenue of $310 million, a 31 percent year over year increase.

The property management company, the largest in North America, raised its 2022 revenue and adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) guidance in August, and projected adjusted earnings profitability in 2023.