Zillow Group Inc.
has announced that Executive Chairman Rich Barton, who Co-Founded the Seattle-based company in 2005 and served as CEO until 2010, is resuming the role of CEO. Another Zillow co-founder. Lloyd Frink, will take on the Executive Chairman position, while fellow Co-Founder Spencer Rascoff, who served as CEO since 2010, will remain on the Board of Directors.
In announcing the executive shake-up, Barton noted the change in leadership comes at a time when Zillow is transitioning into mortgage lending and the buying and selling of homes.
“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.”