Johnny Hanna, Homie cofounder, announces he is stepping down as the company's CEO at the Silicon Slopes Summit on Friday, Sept. 30 at Vivint Arena. Photo: Erin Alberty/Axios
The CEO of Utah-based Homie stepped down Friday, citing an unstable real estate market.
- Johnny Hanna, who co-founded Homie (and previously Entrata), also announced layoffs at the real estate "disruptor."
Driving the news: Hanna announced the move onstage at Silicon Slopes Summit, during a session advertised as a talk about "authentic culture" in tech companies.
- "The real estate market … has been thrown into turmoil. Interest rates are near triple what they were in recent years," Hanna said. "Add that to the beginning of a recession, and you've got an uphill battle."
- He did not say how many employees were laid off.
Catch up quick: After co-founding the property management software company Entrata, Hanna co-founded Homie to be a one-stop shop for buying homes in the mountain west.
- The company cut more than a quarter of its employees in February.
What's next: Co-founder Mike Peregrina will take on full management of Homie, Hanna said.
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