The Indian American CEO of Nextdoor, Nirav Tolia has decided to step down after almost eight years.
In an email to employees, he mentioned that he would be temporarily acting as an “active” chairman of the company while he searches for his own replacement, according to a Recode report.
“I think if you’re lucky as a founder, you build your company to a point where it makes sense to find a proven operator to take that company to the next level. That’s where we are,” Tolia told Recode.
Nextdoor is basically Facebook for your neighborhood.
The service was co-founded by Tolia in 2010, and it uses people’s addresses to verify where they live allowing them to join community groups with their neighbors to discuss community matters.
In many ways, it offers a more intimate experience than Facebook by connecting people to others who actually live in their community, however has led to some troubling issues especially racial profiling.
Nextdoor has raised almost $300 million and is now valued at more than $1 billion and according to Recode, that is one of the main reasons Tolia believes that Nextdoor needs a more “operational” CEO.
“I’m a co-founder of this company. I’m the single largest individual shareholder. No one wants this company to be great more than me,” he said.