Sequoia-backed unicorn Faire just promoted an internal candidate to be its new CFO. Here's how he stood out

(Credit: Courtesy of Faire)

Good morning. Unicorn Faire is shuffling its executive ranks, Fortune was the first to report. Lauren Cooks Levitan, who joined Faire in 2019 as its first CFO, will become the new president. The startup has also promoted an insider, Jason Lee, to become the next CFO. 

Faire, based in San Francisco, is a wholesale marketplace that connects hundreds of thousands of independent, local retailers with global brands. Some of the product categories include food and beverages, apparel, home, and jewelry. Since its launch in 2017, the company has raised over $1 billion from investors such as Sequoia Capital, Forerunner, Founders Fund, Y Combinator, Khosla Ventures, and Lightspeed Venture Partners, reaching unicorn status. Faire reported a $12.4 billion valuation in 2021. It has over 900 employees.