As far as I know, reddit's never really been that profitable, and in fact has been operating at a loss for several years... see this article from 2013 as an example. Also, it's a private company, so in order to have shareholders to be beholden to profit-wise they'd have to go public first, which also means that they'd have to have proof that they can be profitable... which is quite likely why Pao was brought in. That said, they do have a board of directors, but it's pretty much just Alexis Ohanian and maybe one other dude.
As far as I know, reddit's never really been that profitable, and in fact has been operating at a loss for several years... see this article from 2013 as an example. Also, it's a private company, so in order to have shareholders to be beholden to profit-wise they'd have to go public first, which also means that they'd have to have proof that they can be profitable... which is quite likely why Pao was brought in. That said, they do have a board of directors, but it's pretty much just Alexis Ohanian and maybe one other dude.