Zillow Group CEO Spencer Rascoff has stepped down. He will be replaced by co-founder and former CEO Rich Barton.
Spencer Rascoff led the real estate giant as its CEO from 2010 through its IPO. Under his leadership, he oversaw 15 acquisitions, grew the company from 200 employees to more than 4,000, and helped Zillow be recognized as one of the best companies to work for. Its annual revenue grew from $30 million to $1.3 billion.
Rascoff will remain on Zillow’s group of directors. “Leading Zillow Group has been one of the most rewarding experiences of my life. I couldn’t be prouder of the team and what we have accomplished together,” he said.
Rich Barton is a former Microsoft executive, founder of Microsoft spin-off Expedia, and has served as Zillow’s CEO from 2005 to 2010. He has a long history of innovating on behalf of the consumer in the companies he runs.
Wall Street seems optimistic with Barton’s ascension, given the share price increase of around 25%. Share prices were $42.7 at closing, compared to under $39 per share at the day’s opening.