Zillow Appoints Spencer Rascoff CEO

Co-founder Rich Barton Remains Executive Chairman

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Sep 14, 2010, 03:00 ET

SEATTLE, Sept. 14 /PRNewswire/ -- Zillow, Inc., which operates leading real estate website Zillow.com®, Zillow® Mortgage Marketplace, and the industry's largest mobile real estate platform, today announced Spencer Rascoff has been named chief executive officer. Co-founder Rich Barton, who has been the company's CEO since it was founded in 2005, will continue to be actively involved in Zillow as executive chairman of the board of directors. Fellow co-founder Lloyd Frink will move from president to the new full-time role of chief strategy officer.

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Rascoff joined Zillow in 2005 as one of the original executive team members and has been serving as chief operating officer since October 2008. Previously he was chief financial officer and vice president of marketing. As COO, Rascoff has been responsible for the majority of Zillow's day-to-day operations for the past two years, overseeing marketing, finance, partner relations, legal and human resources as well as the execution of the company's recent partnership with Yahoo, Inc. He is also a frequent housing market commentator on CNBC, CNN, FOX and Bloomberg TV.

"Spencer is an immensely capable and energetic leader who has been a driving force at Zillow from the beginning, helping to grow the company from a spark of an idea into a profitable industry leader. This promotion is well-deserved and reflects the leadership responsibility he's been carrying for a while," said Rich Barton, co-founder and executive chairman of Zillow, Inc. "As executive chairman, I look forward to continuing to work with Spencer and the entire team to extend Zillow's leadership position in online and mobile real estate."

"Working with Rich, Lloyd and the entire Zillow team has been the most exciting and rewarding period of my career," said Spencer Rascoff, chief executive officer of Zillow, Inc. "I am extremely proud of our progress to date and even more excited about the opportunities ahead."

Prior to Zillow, Rascoff served as vice president of lodging at Expedia, which he joined after InterActiveCorp's $675 million acquisition of discount travel site Hotwire.com in 2003. Rascoff co-founded Hotwire in 1999 and helped grow the company from an idea to a leading online travel company in just four years. Previously, he was an investment banker in the merger and acquisitions group at Goldman Sachs and held other investment-related positions at TPG Capital, Bear Stearns and Allen & Co. He graduated cum laude from Harvard University, and he serves on Harvard's Digital Community & Social Networking Advisory Group.

As one of the most-visited real estate sites on the web, Zillow has broken multiple records in operating and financial metrics in the past year and is profitable. In August, 12.5 million unique users visited Zillow.com, up 41 percent year over year. Zillow Mortgage Marketplace logged a record 314,000 loan requests in August, up six-fold from a year ago. National and local advertising sales, including sales through the company's location-based mobile apps, are also accelerating. Total downloads of Zillow's mobile apps have surpassed 2 million, making Zillow the most popular real estate app on iPhone®, iPad™, Android® and Windows® Mobile devices. As previously announced, Zillow recently teamed with Yahoo! Real Estate to create the largest real estate ad network, for which Zillow coordinates sales across the two platforms. Later this fall, Zillow will power all for-sale listings on Yahoo!, bringing more than 4 million home listings to Yahoo! users.

About Zillow, Inc.

Zillow, Inc. operates one of the largest portfolios of online and mobile real estate services to help buyers, sellers, real estate agents, renters, borrowers, and lenders find and share vital information about homes. Launched in 2006 with Zestimate® home values and data on millions of U.S. homes, Zillow.com has grown into one of the most-visited real estate websites with 12.5 million monthly unique visitors. The site now includes information for every stage of home ownership, including homes for sale and homes for rent, a directory of real estate and lending professionals, and Zillow Advice. Zillow Mortgage Marketplace connects borrowers with verified and rated lenders and Zillow Mobile includes the most popular real estate apps with more than 2 million downloads. The company is based in Seattle and has raised $87 million in funding.

Zillow.com, Zillow and Zestimate are registered trademarks of Zillow, Inc. Apple and iPhone are registered trademarks of Apple, Inc. iPad is a trademark of Apple, Inc. Android is a registered trademark of Google Inc. Windows is a registered trademark of Microsoft Corporation.

SOURCE Zillow, Inc.