Zillow Co-Founder Rich Barton Back As CEO, Replacing Spencer Rascoff

Zillow co-founder Rich Barton is stepping back into the reins as CEO, replacing Spencer Rascoff, the real estate tech giant announced its fourth quarter 2018 corporate earnings release.

Barton, who co-founded Zillow in 2005, was replaced by Rascoff after stepping down as CEO in 2010. He has maintained an active role as executive chairman of the company since stepping down.

Rascoff, who oversaw Zillow through its initial public offering (IPO) and managed more than 15 acquisitions, will remain on the company's board of directors. Zillow co-founder Lloyd Frink, who stepped down from his role as president at the same time as Barton, has been named the new executive chairman.

"We decided to rotate seats a bit, and Spencer will continue to be an indispensable advisor and overseer on our board of directors," Barton told Inman in an email.

Under Rascoff's leadership, Zillow has grown to more than 4,000 employees.

"Leading Zillow Group through its tremendous growth has been one of the most rewarding experiences of my life," Rascoff said in a prepared statement. "I would like to see the team and we have accomplished together, and I will continue my deep involvement with Zillow Group as a board director and major shareholder."

Zillow announced plans to expand its direct-to-consumer homebuying and re-selling service, Zillow Offers, to five more cities.

Zillow first launched the platform in Las Vegas, Atlanta, Denver, Charlotte and Raleigh. It also plans to come to Riverside, California, as well as Houston and Dallas, in 2019. The company said it is currently receiving one Zillow Offers request every five minutes.

I have some bittersweet news to share – https://t.co/Pn7lLbpszx

– Spencer Rascoff (@spencerrascoff) February 21, 2019

Zillow.com and mobile apps Zillow.com is the world's most popular home search portal.

"I want to be clear, though:" Barton wrote to Inman.

Barton continued: "Our partnership with PAs is critical. First, they are the backbone of our business. Second, we know that while Zillow is going to be interesting. Those consumers will need fantastic agents who are partners, not just advertisers. That's PA. "

Since the launch of Zillow Offers, Zillow's efforts to get closer to the real estate transaction. Stocks tumbled after Zillow's initial announcement of the iBuyer program and its purchase of Mortgage Lenders of America, a lender, last year.

This week, StreetEasy, the New York City-focused homes by Zillow, has suffered a data breach, putting roughly one million of its accounts at risk of being hacked. Company spokesperson Lauren Riefflin told Inman that the breach did not affect the parent company.

Developing …

Email Veronika Bondarenko