Google Ventures is getting a new CEO.
According to a report by Recode today, GV CEO Bill Maris is stepping down Friday and current managing partner David Krane will officially step into the CEO role. Multiple sources confirm that Krane is a permanent replacement for Maris, and GV already lists him as CEO on its site.
GV has lent its considerable weight to the fintech industry, funding noted fintech startups such as RobinHood, Abacus, Plaid, and lender Upstart.Google Ventures has tended to focus on the areas of authentication, security, APIs, payments, and cryptocurrency. According to sources, Krane’s new place as CEO of Alphabet’s “venture capital arm” could lead to more attention being paid to investment in consumer-related technology.
Maris, who has no plans as of yet, told Recode, “Maybe I’ll become a magician,” adding that though he is taking some much needed rest, he certainly doesn’t plan to spend his new free time idly. He was responsible for managing over 300 investments in the $2.4 billion fund, and drove early involvement in companies such as Slack and Jet.com.
Maris’s departure marks the third exit of an executive in Alphabet, Google’s parent company, after driverless car CTO Chris Urmson and Nest CEO Tony Fadell. Despite this, Krane’s move to CEO seems to be looked upon favorably by venture capital investors.
Krane, who trained as a journalist (join a tech company, kids) and began his career in Google more than 16 years ago, has worked directly under Maris for the past two years. Krane will hopefully lend his affinity for the success of startups, as well as public companies, to future fintech investments in the GV fund.Like This Post