- Push-out Score determined
- After around eight years in the position
- Accolades, praise and thanks for Rascoff
- Rich Barton taking over
- Rascoff said 67 words
(exechange) — Seattle, Washington, February 21, 2019 — Spencer Rascoff, chief executive of Zillow, leaves. It is an abrupt change. As announced by Zillow Group Inc. in a news release and in a regulatory filing published on Thursday, February 21, 2019, Spencer Rascoff leaves his post as chief executive officer at the online real estate database company, after around eight years in the role, effective immediately.
Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CEOs who departed over the past 12 months was 8.2 years, according to data compiled by exechange.
Spencer Rascoff’s duties will be taken over by Richard N. (Rich) Barton, most recently executive chairman of Zillow Group, Inc.
“Zillow Group is dramatically expanding the scope of its business”
A reason for Spencer Rascoff’s sudden departure from the CEO post was not explicitly provided. Zillow said: “These changes come at a time when Zillow Group is dramatically expanding the scope of its business, entering into buying and selling homes, mortgage lending and other services intended to make real estate transactions easier and more seamless for consumers.”
Precise information regarding Spencer Rascoff’s future plans was not immediately available.
Zillow said: “Mr. Barton will succeed Spencer Rascoff, who has served as Zillow Group’s Chief Executive Officer since 2010 and who will remain a member of Zillow Group’s board of directors.”
Share price decline
The announcement follows a decline in Zillow Group, Inc.’s share price of 47 percent since June 2018.
In the position of CEO since 2010
Spencer M. Rascoff has served as the Company’s Chief Executive Officer since September 14, 2010 and as a member of the board of directors since July 2011.
Rascoff joined Zillow as one of its founding employees in 2005 as Vice President of Marketing and Chief Financial Officer and served as Chief Operating Officer from December 2008 until he was promoted to Chief Executive Officer.
From 2003 to 2005, Rascoff served as Vice President of Lodging for Expedia, Inc.
In 1999, Rascoff co-founded Hotwire, Inc., an online travel company, and managed several of Hotwire’s product lines before Hotwire was acquired in 2003 by IAC/InterActiveCorp, Expedia, Inc.’s parent company at the time.
Rascoff served in the mergers and acquisitions group at Goldman, Sachs & Co., an investment banking and securities firm.
Rascoff has served on the board of directors of TripAdvisor, Inc., an online travel company, since September of 2013, and Hutch Interiors, Inc., a home design app, in which Zillow Group is an investor, since July 2017.
Rascoff graduated cum laude with a B.A. in Government from Harvard University.
Co-founder Spencer Rascoff will remain on Zillow Group’s board of directors.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the likelihood that a manager was pushed out or felt pressure to leave the position.
exechange reached out to Zillow and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 8.2019 ($).