The CEO is doing the board's bidding. Reddit just raised $50 million. The board is controlled by investors. They don't see the current state of Reddit as a good (profitable) thing.
What I'm most interested in is whether reddit has finally managed to get in the black and who's on the board.
Reddit isn't publicly traded, so they have no obligation to discuss their financials or leadership makeup, which is why nothing but their funding is public.
Other social networks are certainly profitable (ex. Facebook).