Zillow Group has announced Jeremy Wacksman as its new CEO,succeeding co-founder and two-time CEO Rich Barton,who will transition to the role of co-executive chair alongside co-founder Lloyd Frink.

　　Wacksman,47,brings a wealth of experience from both engineering and business,having worked at major companies like Microsoft and Procter&Gamble before joining Zillow Group over 15 years ago.His roles at Zillow have included chief marketing officer,president of the Zillow brand,and,most recently,chief operating officer since early 2021.

　　In a recent interview on the GeekWire Podcast,Barton shared that the company has been preparing for this leadership change for the past three years,during which much of the company’s structure was organized around Wacksman.

　　Zillow Group has been evolving into a comprehensive housing“Super App,”integrating services for buying,selling,and renting homes,thus digitizing essential real estate processes.Barton expressed confidence in this strategy,noting,“The business is in great shape.The top line is growing nicely.The profits are growing nicely.The outlook is good.”

　　Wacksman,who joined Barton on the podcast,affirmed his intention to continue the current strategic direction.“This is a reflection that things are working,and that we’re excited to now continue to grow and continue to deliver against what we’ve been doing,”he said,highlighting the hard work and resilience demonstrated over the past challenging years.

　　Both Barton and Wacksman are advocates of remote work.Despite Zillow’s largest office being in Seattle,the company adopted a remote-first approach during the pandemic and now considers the cloud its headquarters.Zillow has employees in all 50 states,with more than half living over 50 miles from their office spaces.

　　The leadership transition coincides with Zillow Group’s announcement of strong second-quarter financial results,including$572 million in revenue—an increase of 13%—and$134 million in adjusted EBITDA,largely driven by higher-than-expected residential revenue.The company reported a reduced net loss of$17 million,a significant improvement from the$35 million loss reported in the same quarter last year.Zillow’s stock rose more than 12%in after-hours trading following the announcement.

　　Barton,57,will remain engaged with Zillow Group to support Wacksman and the leadership team but plans to focus more on other board roles and responsibilities.Barton is a board member at Netflix,Qurate Retail Group,and Artsy.

　　This leadership change marks the end of Barton’s second term as CEO,having returned in 2019 to lead Zillow Group through a major pivot towards buying and selling homes.Barton’s decision to discontinue Zillow Offers in 2021 was a strategic move that allowed for a necessary reinvention of the company,though it involved significant challenges,including laying off 2,000 employees.

　　Known for his entrepreneurial ventures,including Expedia,Glassdoor,and Trover,Barton has no plans to start another company,referencing an old teaser page from Zillow’s early days with a light-hearted remark:“You won’t see any mysterious web pages from me.”