When COVID-19 struck in early 2020, Airbnb CEO Brian Chesky faced a devastating crisis: Bookings on his vacation-rental marketplace plummeted 80% almost overnight, and the company was forced to postpone its planned initial public offering. Chesky responded by abandoning what he has described as a hands-off leadership style. He laid off 25% of the workforce, reorganized the company from business divisions to functional teams, and consolidated product planning into a single road map. His approach challenged the common wisdom that great leaders, especially ones who have founded a company and hired talented people, should avoid meddling and give their employees room to run. And yet, it worked. After absorbing heavy losses during the pandemic, Airbnb staged a remarkable financial turnaround: In 2021, it generated almost $6 billion in revenue, which it grew to almost $10 billion by 2023, with over 448 million nights booked through its platform. 'Too many founders apologize for how they...
learn more