Seattle-based real estate tech company Zillow Group Inc. (Nasdaq: ZG) has named Jeremy Hofmann as its chief financial officer.
Hofmann, who was announced as CFO on Thursday, has worked at Zillow for nearly six years, according to the company. He is replacing Allen Parker, who has served as Zillow's CFO since 2018.
"I couldn't be more optimistic about the opportunity in front of us," Hofmann said in a release. "I'm excited to take on this new challenge, leading our business with a strong focus on driving revenue and prudently managing costs."
Hofmann was most recently Zillow's senior vice president of corporate development and strategy. Prior to joining Zillow, he spent about five years in investment banking with Goldman Sachs. He closed over $40 billion in transactions there, according to Zillow.
In his new role, Hofmann will report to Zillow co-founder and CEO Rich Barton, and he will lead Zillow's finance, corporate development, strategy and investor relations teams.
Zillow, which launched in 2006, offers a search tool for homes and rentals. The company also offers mortgages and a platform for partner agents called Premier Agent. Zillow in December acquired Milwaukee-based VRX Media for an undisclosed amount. VRX Media provides agents with professional real estate photos, virtual tours, drone photos and drone videos. The deal was meant to strengthen ShowingTime+, which allows agents to schedule and manage listings.
In November 2021, Zillow said it was shuttering its home-flipping business Zillow Offers. The move took several quarters and led to layoffs of 25% of the company's staff. Zillow laid off 300 more employees in October 2022.
According to a filing with the Securities and Exchange Commission, Zillow had 5,852 employees at the end of March. The company generated $469 million in revenue during the first quarter, down 13% year over year.
Zillow said Parker, the former CFO, will work in an advisory role into the first quarter of next year. He spent about 13 years at Amazon before joining Zillow, according to his LinkedIn page.
"Allen brought an operating mindset and focus on processes through a changing macroeconomy and Zillow's strategic shift toward the transaction," Barton said in a release. "We're very grateful for Allen's leadership over the past five years."
