Vtrips founder Steve Milo has stepped down from his role as CEO at the vacation rental company but will continue on with the company’s board.
Milo confirmed that he was changing roles, as many travel startup founders turned CEOs tend to do, in an email to PhocusWire.
“As the managing director of VTrips, I am extremely pleased to announce the promotion of Scott Seay from COO (chief operating officer) to chief executive officer,” Milo said in the emailed statement. “As the founder and majority shareholder, I will continue to play a role at the board level in helping Scott and the leadership team achieve their goals.”
Milo said that Seay is qualified to take VTrips to the next level in terms of expansion, citing his time as CEO of Southern Vacation Rentals and other executive-level roles. VTrips, he said, is in the process of looking for recapitalization.
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“We are talking to the largest i-banks [investment banks] in the world and expect to hire one by early May,” Milo said. “We believe strongly that VTrips model of consistent profitability and operational expertise combined with our seasoned executive leadership and internal IP makes us the top property management platform in the U.S. vacation rental market.”
The news of Milo’s move comes alongside other news in the short-term rental space in the United Kingdom.
The U.K.-based Short Term Accommodation Association said Tuesday in a LinkedIn post that it has a new chair. Graham Donoghue, CEO of Skyes Holiday Cottages and Forge Holiday Group, is taking on the position at what STAA called “a critical time” for the short term rental industry.