OnlyFans founder Tim Stokely steps down as CEO

0
16

[ad_1]

OnlyFans founder Tim Stokley is stepping down as chief executive, ending a bumpy tenure during which the smut app became a billion-dollar sensation but struggled to gain acceptance from mainstream investors. 

Stokely, who founded OnlyFans in 2016, will be succeeded by the app’s 36-year-old chief marketing and communications officer Amrapali Gan. Stokely will stay on with the company as an advisor, OnlyFans said.

“I’d like to thank all of my colleagues, but the most important thank you is to all of the content creators … you made OnlyFans what it is today,” Stokely wrote in a Tuesday Instagram post

OnlyFans declined to make Gan available for an interview to talk about her plans for the company. She previously worked at Quest Nutrition, Red Bull and a Cannabis Cafe is Los Angeles, according to her LinkedIn profile. 

She also has her own OnlyFans profile where she shares pictures of vacations and dogs. 

OnlyFans, which takes lets sex workers sell explicit photos and videos, became a sensation during the pandemic. The company took in a whopping $1.2 billion in net revenue last year from the 20 percent commissions it charges creators, according to Axios.

But even as the company’s popularity and revenue soared, Stokely fumbled as he sought to gain mainstream acceptance from financiers.

Amrapali Gan will be the new CEO of OnlyFans.
Amrapali Gan will be the new CEO of OnlyFans.
Instagram/@amrapali_gan

In August, the company abruptly announced it would ban sexually explicit content from its site, a decision Stokely said was due to discrimination from banks, singling out JPMorgan and Bank of New York Mellon for closing accounts and flagging transactions related to sex work. 

The company had also reportedly struggled to gain backing from traditional venture capital investors, many of whom avoid investing in “vice” industries like pornography, alcohol and firearms.

But the porn ban left the company’s lucrative core base of creators outraged, forcing OnlyFans to reverse the ban later that month. 

At the time, one OnlyFans creator told The Post she was considering leaving the site after the flip-flop, saying, “I want to be part of a platform that celebrates sex workers not just tolerates them.” 

News of Stokely’s departure was first reported by Bloomberg



[ad_2]

Source link