Seattle real estate giant Redfin on Friday appointed David Lissy to be its new board chairman. Former chairman Robert Mylod, who served in the role since 2016, will remain on the board and its audit committee.
Lissy joined the Redfin board in February 2018. He spent 17 years leading Bright Horizons as CEO and is chairman at the publicly-traded childcare company. Lissy will officially become Redfin’s chairman on July 1.
“I’m excited to chair a company redefining real estate in consumers’ favor, and grateful for how far Bob Mylod has taken us already,” said Mr. Lissy. “Real estate is changing at a pace that seemed unimaginable even two months ago, as consumers embrace virtual meetings, virtual home tours, and virtual closings. The board’s job now is to make sure Redfin is prudent on the one hand about the challenges faced by almost every business these days, but aggressive on the other about taking our technology advantage to the bank.”
Redfin CEO Glenn Kelman said Lissy was “a natural choice as our chairman.”
Mylod said he plans “to be an active member of Redfin’s board for years to come” and voiced support for Lissy.
“My nomination to become the chairperson of Booking Holdings, along with my existing chairperson role at Vroom, has made it hard for me to continue as Redfin’s chairman,” he said in a statement.
As questions swirl about the real estate market amid the COVID-19 pandemic, Redfin said this month that it will cut 7% of its staff and furlough hundreds of agents due to decreased housing demand. The company is also making small cuts at its headquarters in Seattle, while temporarily slashing all salaries by 10-to-15% and canceling bonuses for the remainder of this year.
Redfin last month sold $110 million of stock to Durable Capital Partners, a year-old investment firm led by Henry Ellenbogen, a longtime Redfin backer.
Redfin data shows that home delistings spiked during the final week of March, up 148% year-over-year. Pending home sales were down 54% year-over-year during the week ending April 10.
The future of the housing market largely depends on how long the pandemic lasts and “its continuous effects on homeowners, buyers and sellers,” Redfin notes in a FAQ page. Unemployment and the availability of credit are also factors.
Kelman this week said buyers should seek opportunity, while sellers should hold off if able. In a statement Friday, Kelman said he was happy Mylod was staying on the board.
