Steve Schwab, founder and CEO of vacation rental platform Casago, is to transition into a chairman of the board role.
Casago president Joe Riley will take over as CEO in October. Riley was named president in September 2024. He will take control of internal operations until October.
The company announced plans to acquire Vacasa in December 2024 and completed the acquisition in the spring of 2025, despite a rival bid from shareholder Davidson Kempner.
In an interview with PhocusWire on completion of the deal, Schwab shared his thoughts around relationship building and the franchise model. He also spoke about how long it might take for Casago to integrate Vacasa
There has been some industry speculation that Schwab’s move was prompted by uneasiness around his franchise model versus pressure from Vacasa’s institutional investors.
A release said that the chairman role will enable him to “focus more deeply on long-term strategy, industry advocacy and direct engagement with Casago’s expanding franchise community.”
“Building Casago alongside our franchise partners has been my sole focus for the past 25 years,” Schwab said.
“While bittersweet in certain ways, I am excited to step into this next chapter as founder and chairman of the board this coming October. This new role allows me to focus on what I love most, advocating for our industry, spending meaningful time with our franchise partners and helping shape the long-term strategy of the company.”
“Steve’s impact on Casago and the broader vacation rental industry is profound, and I’m thankful for his continued partnership as founder and chairman of the board. I’m also deeply appreciative of the board’s support and vote of confidence in me to lead us into the next chapter of Casago,” Riley said.
“Filling Steve’s shoes is no small task, however, we have an exceptional team and franchise community, and I’m excited to build on our momentum together.”