Former Zillow Group CEO Spencer Rascoff resigned from the Seattle-based real estate company’s board on Tuesday. The move comes just over a year since Rascoff stepped down as Zillow’s CEO.
“Mr. Rascoff’s departure is not due to any disagreement with the Company on any matter relating to the Company’s operations, policies, or practices,” Zillow said in an SEC filing.
Rascoff held positions at Zillow as CMO, CFO, and COO before becoming chief executive. During his 9-year tenure as CEO, Rascoff led Zillow through an IPO as the company grew from 200 to more than 4,000 employees. Annual revenue increased from $30 million to $1.3 billion while Zillow acquired 15 companies such as Trulia, Mortgage Lenders of America, StreetEasy, Hotpads, and Naked Apartments. Rascoff joined the Zillow board in 2011.
Since leaving Zillow last year, Rascoff has been busy investing in startups and helping lead dot.LA, a new media venture he co-founded in January.
About a year after retiring as its CEO, I’ve just stepped off the board of directors of @ZillowGroup $ZG $Z. Am now focused on my angel investing and the startups I’m creating (two so far — @dotLA and a stealth NewCo – and more to come).
— Spencer Rascoff (@spencerrascoff) April 7, 2020
Will remain forever proud of the products we built, the brands in the @ZillowGroup family (@zillow @trulia @streeteasy @hotpads and more), the company culture, the mission, and the extraordinary employees at Zillow. #ZGLife
— Spencer Rascoff (@spencerrascoff) April 7, 2020
Rich Barton, who co-founded Zillow in 2005 with Rascoff and Lloyd Frink, replaced Rascoff as CEO, a title he held during the company’s first five years.
Deep gratitude to @spencerrascoff for your blood, sweat and tears in helping to build Zillow Group from our earliest days and serving on the board since 2011. Wishing you great success in your new pursuits. https://t.co/KRoGvApFZU
— Rich Barton (@Rich_Barton) April 7, 2020
The real estate market is taking a hit as demand dips due to the COVID-19 crisis. Barton outlined Zillow’s coronavirus playbook last month, noting that it will slash expenses by 25% this year, freeze hiring across the company, cut nearly all marketing spend, and suspend home-buying through its Zillow Offers business.