💰 Brex Shifts to Single CEO

Today’s newsletter is 399 words - a 2-minute read (4-minute if you take your time…🐌)

Welcome back everyone!

Excited to have you join us: We’re Chris & Nolan (@chrisnolansf), and welcome to SF Whisper - a newsletter covering the most interesting business and local news of San Francisco.

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Anyways. Let’s get started -

Brex's Leadership Transition: A New Chapter

Shifting to a Single CEO Model

Since its founding in 2017, Brex has been led by co-CEOs Henrique Dubugras and Pedro Franceschi. Now, the company is transitioning to a traditional leadership structure, with Franceschi becoming the sole CEO and Dubugras stepping into the role of chairman. This change aims to streamline decision-making and enhance agility as the company prepares for potential public offering in 2025.

Maintaining Growth and Reducing Burn

Brex has seen significant growth, with over 30,000 customers and substantial fundraising efforts. Despite recent layoffs, the company has halved its cash burn and aims to be cash-flow positive by 2025. The shift to a single CEO is expected to further solidify Brex's market position in the competitive fintech landscape.

"Dogs First" Airline Bark Air Comes to Bay Area

Luxurious Pet-Friendly Travel

Bark Air, a boutique airline catering to dogs and their owners, is expanding to the Bay Area with new routes. Offering a unique travel experience, each flight accommodates nine passengers and their dogs, providing in-flight concierge services with cushions and treats to ease canine anxiety. The service is currently priced at $6,500 for a one-way ticket from the Bay Area to New York, but efforts are underway to reduce costs.

Expanding Services Amid Legal Challenges

Despite initial legal challenges, Bark Air is set to begin service between the Bay Area and Chicago on October 17 and between the Bay Area and Westchester County on November 22. The airline aims to offer a more appealing alternative to traditional pet travel options, ensuring comfort and care for dogs during flights.

Catch up on the latest:

• Golden Gate Fields is closed. What’s next? (Link)

• New data shows ~20 year recovery period for SF office market (Link)

Today’s whisper:

^{Check out the free Juneteenth Block Party!!}

^{Saturday, June 15th between 11am-6pm in the Fillmore District. FREE Admission.}