Inspirato CFO resigns amid lackluster quarterly earnings
Inspirato CEO Payam Zamani Begins Search for Third CFO in 15 Months
Inspirato CEO Payam Zamani is now on the lookout for the third chief financial officer during his 15-month tenure at the luxury travel club.
Michael Arthur, who has served as the CFO since October 2024, recently announced his decision to resign from the Denver-based company. He took over the CFO role from Robert Kaiden, who had joined Inspirato as CFO in March 2023.
Arthur has declined interview requests, but Inspirato mentioned that he will assist with the transition for the remainder of the year. Zamani has also declined to provide comments.
The announcement of Arthur’s resignation coincided with the release of Inspirato’s third-quarter earnings report, revealing a 20% drop in revenue compared to the same quarter in 2024. The company reported a loss of $4.5 million on $55 million in revenue.
During the quarter, Inspirato’s membership decreased by 13% to 10,700 members from 12,400 a year earlier. The occupancy rate for its homes and affiliate hotels also declined from 73% to 56%, although an average daily rate increase of $300 partially offset the decrease.
Inspirato highlighted a 97% increase in year-over-year EBITDA and operating cash flow in a news release.
On August 12, 2024, the day before Zamani became CEO and the largest shareholder of Inspirato, the company’s stock closed at $4.46 per share. As of Thursday, Inspirato shares were trading at $2.51. The stock dropped approximately 1.5% following the latest quarterly earnings report.
The current stock price remains below the $3.50 per share takeover offer made by Denver-based vacation company Exclusive Resorts in September. Inspirato rejected the bid initiated by founders Brent and Brad Handler, who are engaged in a legal dispute with Inspirato over a luxury vacation benefit.
The takeover bid was part of a now-abandoned plan to merge Inspirato with Buyerlink, a digital marketing firm owned by Zamani. The agreement reached in June fell through after a minority investor raised concerns of self-dealing by Zamani, an accusation he denies.
Arthur’s resignation comes after a series of departures of senior Inspirato employees this year.
David Kallery, who served as company president for over a decade, was “separated” from Inspirato in April. Board member Julie Wainwright announced her early departure last month, though she will stay until a replacement is found, as per SEC filings.
Brandon Cassagnol, the former vice president of experience and operations, announced his exit from the company on LinkedIn last week after a decade with the organization.
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