Zillow co-founder Spencer Rascoff leaves board

Former CEO founded dot.LA, a new organization covering LA’s startup scene

TRD NATIONAL /
Apr.April 07, 2020 06:20 PM
Spencer Rascoff (Credit: John Lamparski/Getty Images)

Spencer Rascoff (Credit: John Lamparski/Getty Images)

Fourteen months after being replaced as Zillow’s chief executive, co-founder Spencer Rascoff is leaving the company’s board of directors.

The Seattle-based listings giant disclosed the move in a regulatory filing Tuesday, just ahead of the market’s close. In the filing, it said Rascoff notified Zillow’s corporate secretary of his decision to step down on Monday. “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,” the filing stated.

On Twitter, Rascoff said he was leaving the board of the company he helped launch, and one he led for nearly 10 years, to focus on angel investing and to work on two startups he started since leaving Zillow day-to-day leadership. One is dot.LA, a news startup covering L.A.’s startup scene, and another is an unnamed “NewCo,” he said.

Rascoff stepped down as CEO in February 2019, setting the stage for co-founder Rich Barton to re-assume leadership of the tech firm. Under Barton, who also founded Expedia and Glassdoor, Zillow has pivoted toward instant home-buying.

Over the past year, Barton has called iBuying a “moonshot” bet, saying to ignore it would be an “existential threat.” In late March, Zillow followed other iBuyers in pausing home-buying during economic uncertainty sparked by the coronavirus pandemic.

Barton tweeted his thanks to Rascoff on Tuesday for his “blood, sweat and tears” in helping to build Zillow from its early days.

Rascoff had served on Zillow’s board since 2011. He owns 2.5 million shares of the company’s stock, roughly equivalent to a 1.8 percent stake, according to the company’s most recent proxy statement.

Last month, the former CEO listed his Brentwood Park estate on the market for $24 million, roughly $7 million abovethe “Zestimate,” or Zillow’s appraisal of what the home is worth.


Related Articles

arrow_forward_ios
(Credit: iStock)

Gimme squatter: When iBuying homes draw unwanted attention

Gimme squatter: When iBuying homes draw unwanted attention
Zillow CEO Richard Barton (Credit: iStock)

Zillow seeks $1.1B cash infusion

Zillow seeks $1.1B cash infusion
Zillow CEO Rich Barton (Credit: iStock and JD Lasica via Flickr)

Real estate stocks rally despite trade war worries

Real estate stocks rally despite trade war worries
Gary Keller of Keller Williams (Credit: iStock and Wikipedia)

Here’s how much it will cost you to sell your home on an iBuying site

Here’s how much it will cost you to sell your home on an iBuying site
Zillow CEO Rich Barton (Credit: Twitter and iStock)

Zillow’s bet on iBuying boosted revenues to $600M, but it still lost $72M

Zillow’s bet on iBuying boosted revenues to $600M, but it still lost $72M
Left to right: Former Zillow CEO Spencer Rascoff, Zillow CEO Rich Barton, and Steve Eisman (Credit: Getty Images and JD Lasica via Flickr)

The “Big Short” investor that bet against subprime has a new target: Zillow

The “Big Short” investor that bet against subprime has a new target: Zillow
The trend could reverse as younger people start to enter the real estate market (Credit: iStock)

Almost 40% of homes in the US are
mortgage-free

Almost 40% of homes in the US are
mortgage-free
Retail’s After Life: What’s Left for Brick and Mortar Properties Post Apocalypse?

Retail’s After Life: What’s Left for Brick and Mortar Properties Post Apocalypse?

Retail’s After Life: What’s Left for Brick and Mortar Properties Post Apocalypse?
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...