Strava has revealed its new CEO, Michael Martin
After an extensive year-long quest, Strava has revealed its new CEO, Michael Martin. The announcement follows the departure of co-founder and CEO Michael Horvath in February, marking a significant transition for the popular activity-tracking platform.
Michael Martin, formerly the General Manager at YouTube’s shopping unit, is slated to embark on his role as Strava’s CEO on January 2, 2024. With a technology-oriented background and experience at major corporations such as Nike, NBCUniversal Media, and Disney, Martin brings a diverse skill set to lead into its next phase.
The history of Strava, co-founded in 2009 by Michael Horvath and Mark Gainey, has witnessed several leadership changes. After Horvath led the company until 2013, Mark Gainey took the helm until 2017, succeeded by Instagram executive James Quarles. Horvath returned as CEO in 2019, accompanied by Gainey as the executive chairman.
Horvath’s announcement of stepping down for the second time emphasized the necessity for fresh leadership to guide Strava’s future growth. He underscored the dual responsibility of a CEO – not only steering the company in the right direction but also ensuring the recruitment of leaders suitable for each phase.
Strava, a 14-year-old company, has positioned itself as the go-to activity-tracking platform globally, boasting millions of users. The global pandemic fueled its growth, culminating in a substantial $110 million Series F funding round in late 2020. The platform has since expanded its user base from 70 million members to an impressive 120 million.
For venture capital-backed companies like Strava, the time arrives to translate growth into returns for investors, whether through a sale to a larger entity or an initial public offering (IPO). To fortify its position, Strava has undertaken strategic initiatives. These include the acquisition of the 3D mapping platform Fatmap and the recent introduction of in-app messaging to enhance the social networking experience.
Amid these endeavors, Strava encountered criticism for a puzzling pricing upgrade, resulting in a substantial 50% increase in subscription fees. This shift sparked concerns about the company’s ability to leverage its recent growth effectively.
With the appointment of Michael Martin, known for his focus on assisting creators in diversifying their businesses through commerce at YouTube, Strava may signal a strategic shift toward diversifying revenue streams. This could involve exploring avenues such as advertising, affiliate partnerships, or other innovative means to monetize its extensive user base.
As Michael Martin assumes his role in early January, he will also join the board alongside figures like Mark Gainey and Spotify executive Gustav Gyllenhammar. Concurrently, Michael Horvath will continue as an “executive advisor to the CEO” for the time being.
Reflecting on the transition, Horvath expressed pride in Strava’s accomplishments over the past four years. He conveyed confidence in Michael Martin’s ability to propel Strava’s momentum further, setting the stage for a new era of growth and innovation.
