Zillow Group, Inc. (NASDAQ: Z) (NASDAQ: ZG), which houses a
portfolio of the largest and most vibrant real estate and
home-related brands on mobile and web, today announced Rich Barton,
who co-founded Zillow in 2005 and served as the company’s CEO until
2010, has been named chief executive officer.
Barton has been executive chairman since stepping down as CEO.
Co-founder of Zillow Group Lloyd Frink will now become executive
chairman.
Co-founder Spencer Rascoff will remain on Zillow Group’s board
of directors. Rascoff has led Zillow Group as CEO from 2010 through
its IPO, overseeing 15 acquisitions and growing the company from
200 employees to more than 4,000. Under his leadership, Zillow
Group has consistently been recognized as among the best companies
to work for, and its annual revenue has grown from $30 million to
$1.3 billion.
Barton, who also founded Expedia in 1994 and co-founded
Glassdoor in 2007, and Frink have remained active executives of
Zillow Group since the company was founded. These changes come at a
time when Zillow Group is dramatically expanding the scope of its
business, entering into buying and selling homes, mortgage lending
and other services intended to make real estate transactions easier
and more seamless for consumers.
“We created Zillow Group in 2005 to make the real estate
shopping and purchase process easier,” Barton said. “Much of our
original dream is just now becoming possible. We are at an
inflection point in this quest, and the time is right to shuffle
leadership seats. I am excited to be back as CEO. I am incredibly
grateful to Spencer for the indefatigable leadership that got us to
this point, and I am happy we will benefit from his continued
support and counsel as a board director.”
“Leading Zillow Group through its tremendous growth has been one
of the most rewarding experiences of my life,” Rascoff said. “I
couldn’t be prouder of the team and what we have accomplished
together, and I will continue my deep involvement with Zillow Group
as a board director and major shareholder. The company is
well-positioned for Rich to now take the wheel as CEO through its
next phase of growth.”
These leadership changes coincide with the release of the
company’s fourth quarter and full year 2018 earnings report,
announced separately today. Barton and Zillow Group’s new Chief
Financial Officer Allen Parker will host the quarterly conference
call with participation from Rascoff and other executives at 2 p.m.
PT today.
Rich Barton
Rich Barton has a long history of founding and advising
successful companies, with a focus on those that bring “power to
the people” by innovating on behalf of the consumer. Rich
co-founded Zillow in 2005 and was its CEO until 2010, when he
became the company’s executive chairman. Before Zillow, Rich
founded Expedia within Microsoft in 1994 and successfully spun the
company out as a public company in 1999. Rich served as president,
CEO and board director of Expedia from 1999 until 2003. He also
co-founded and served as non-executive chairman of Glassdoor from
its 2007 creation through its acquisition in 2018.
Rich was a venture partner at Benchmark, a venture capital firm
that has been an early-stage investor in companies like Netflix,
Instagram, WeWork and Zillow, from 2005 until 2018. He has served
on many public company boards, and continues to be a board director
for Netflix, where he has served since 2002; Qurate, a holding
company that runs several digital commerce businesses and was
formerly called Liberty Interactive Corp., since 2016; Artsy, an
online collection and resource for art collectors, since 2017; and
Zillow Group. He holds a B.S. in General Engineering: Industrial
Economics from Stanford University.
Lloyd Frink
Lloyd Frink co-founded Zillow in 2005, and today serves as
executive chairman and president of Zillow Group where he remains
instrumental in leading and developing the company’s business and
product strategies. Prior to Zillow, Lloyd was senior vice
president at Expedia, where he managed the air, hotel, car,
destination services, content, merchandising, and partner marketing
groups.
Before joining Expedia in 1999, Lloyd worked at Microsoft, where
he started the groups that created software for pen-based and
handheld devices. He initially joined Microsoft in 1979 as a summer
intern at 14 years old and then joined full-time in 1988.
In addition to chairing the Zillow Group board, Lloyd serves on
the board of GrubHub. He graduated from Stanford University with a
bachelor’s degree in economics.
Spencer Rascoff
Spencer is an entrepreneur and company leader who has founded
two businesses that became household names. Spencer co-founded
Zillow in 2005, and served in various roles including chief
operating officer, chief financial officer and chief marketing
officer, until his appointment to CEO in 2010. As CEO, Spencer led
Zillow through its 2011 IPO and 15 acquisitions. In 2015, Spencer
co-wrote the New York Times’ Best Seller “Zillow Talk: Rewriting
the Rules of Real Estate.” Under his leadership, Zillow Group won
numerous “best places to work” awards, and Spencer frequently
writes and speaks about management and culture.
In 1999, at the age of 24, Spencer co-founded Hotwire.com, a
leading Internet travel company, which was sold to IAC/Expedia in
2003 for $685 million.
Before his consumer web career, Spencer worked in investment
banking at Goldman Sachs and in private equity at TPG Capital.
Spencer is on the boards of directors of TripAdvisor, Zillow
Group and Hutch. He is also a member of the Young Presidents’
Organization. Spencer graduated cum laude from Harvard
University.
About Zillow Group
Zillow Group, Inc. (NASDAQ: Z) (NASDAQ: ZG) houses a
portfolio of the largest real estate and home-related brands on
mobile and the web, which focus on all stages of the home
lifecycle: renting, buying, selling and financing. Zillow
Group is committed to empowering consumers with unparalleled
data, inspiration and knowledge around homes, and connecting them
with great real estate professionals. The Zillow
Group portfolio of consumer brands includes Zillow®, Trulia®,
Mortgage Lenders of America, L.L.C. (MLOA), StreetEasy®, HotPads®,
Naked Apartments®, RealEstate.com and Out East®. In
addition, Zillow Group provides a comprehensive suite of
marketing software and technology solutions to help real estate
professionals maximize business opportunities and connect with
millions of consumers. Zillow Offers™ provides homeowners in some
metropolitan areas with the opportunity to receive offers to
purchase their home from Zillow. When Zillow buys a
home, it will make necessary updates and list the home for resale
on the open market. Zillow Group operates a number of business
brands for real estate, rental and mortgage professionals,
including Mortech®, dotloop®, Bridge Interactive® and New Home
Feed®. The company is headquartered in Seattle,
Washington.
Zillow, Mortech, Bridge Interactive, StreetEasy, HotPads, Out
East and New Home Feed are registered trademarks of Zillow,
Inc. Zillow Offers is a trademark of Zillow,
Inc. Trulia is a registered trademark of Trulia, LLC.
dotloop is a registered trademark of DotLoop, LLC. Naked
Apartments is a registered trademark of Naked Apartments,
LLC. Mortgage Lenders of America, L.L.C. is an Equal Housing
Lender; NMLS #10287.
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Media Contact: press@zillow.com
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