Secret Zillow Group officer Greg Schwartz leaving after 12 years, amidst huge changes at realty giant
Greg Schwartz, president of Zillow Group’s media and market companies, is leaving after more than 12 years with the company.
His departure comes as returning Zillow Group CEO Rich Barton looks to reinvent the Seattle-based property media giant as a one-stop shop for purchasing, selling and funding homes. Barton prepares to even more integrate Zillow’s Premier Representative and Mortgages organisations, which Schwartz oversaw, with its Zillow Offers organisation, through which the business directly buys and sells houses.
In an interview with GeekWire, Schwartz said his decision wasn’t a direct outcome of the changes inside the business, however was driven instead by his own desire to take a break. He said he plans to take about a year off work, reconnecting with his family and finding the ski slopes, prior to deciding “what fun thing I want to do next.”
” Every decade or two, startups require a brand-new team to incubate them and drive them, due to the fact that it is such an intense experience,” Schwartz stated, expressing self-confidence in the ability of the company’s executive team to take over his obligations.
In a post on LinkedIn, Schwartz said he has actually signed up with the board of an unidentified “new civic company with heavyweights from Washington State politics, neighborhood advocacy groups and service.” We have actually asked for more information about the company he’s referencing.
Schwartz wrote in the post, “I’ve been nearly totally concentrated on work, disregarding Seattle’s chaotic streets and government. Our city is soaring with the greatest monetary, intellectual and development boom in history, yet in numerous areas we have failed. We can do much better.”
Barton, the Zillow co-founder, returned as CEO earlier this year as previous CEO Spencer Rascoff stepped down Barton on Monday credited Schwartz with building Zillow’s original sales and profits organizations before handling a larger executive function in recent years.
” We had all this traffic, but we hadn’t determined how to monetize it,” Barton remembered. “Greg led the production of every model of our company model.”
Barton added, “So we’re extremely grateful, but we likewise understand that we’re watching out versus a giant new objective today as we seek to expand from Zillow 1.0 to Zillow 2.0 and come down and actually reinvent the transaction. And in so doing, the company’s changing and growing, and we’re generating new leaders and new competence.”
Zillow Group announced a series of internal changes in addition to Schwartz’s departure:
- The company’s Premier Representative and Rentals organisations will be managed by Zillow President Jeremy Wacksman. Susan Daimler, senior vice president of Premier Agent, who is credited with leading a revival of that portion of Zillow’s company, will report to Wacksman.
- Arik Prawer, president of Zillow’s Houses Department and the leader of the Zillow Offers home trading company, will expand his oversight to include Zillow Home Loans and other mortgage-related operations. The business says the objective is to “more tightly incorporate house funding into Zillow Offers operations.” Rian Furey, president of Zillow Home Loans and senior vice president of Zillow Mortgages, will report to Prawer.
- Errol Samuelson, Zillow Group chief market advancement officer, will supervise Zillow’s New Construction and Show Advertising companies, with Lucy Wohltman, vice president for those businesses, reporting to Samuelson.
Zillow Group’s house sales division has actually grown quickly to comprise the majority of the business’s revenue, responsible for $3846 million in revenue last quarter
As Zillow Group has expanded into straight buying and selling houses, Barton said, the company has actually found out “a remarkable quantity about how the property industry really runs and works.”
” It’s opened our eyes to the possibility of bringing our traditional core media advertising business way down-funnel into the transaction, also,” he stated. “We’re discovering a significant quantity of commonality between the software application and processes that we’re building for Zillow Offers and what requires to occur for the future of the core media advertising organisation, which we call Premier Agent. That’s going to open big upside possible for us in our core organisation. Therefore bringing those things organizationally closer together is a nod to that chance.”