After trading ended on Wall Street today, Zillow announced that nine-year Zillow veteran CFO Chad Cohen has resigned, effective Aug. 7, “to pursue other business activities.”
Cohen has been in the hot seat the last several months with the digestion of the Trulia acquisition, less than favorable first-quarter numbers (against expectations) and a wilting stock price. Zillow’s share price has dropped from $165 a share a year ago — when the Trulia acquisition was announced — to $81.50 today.
The stock dropped 4.41 percent after the market closed and after Cohen’s resignation was announced.
“Chad has made meaningful contributions to Zillow during his nine years here,” said CEO Spencer Rascoff in a statement. “In 2006, I hired Chad as our first corporate controller when I was Zillow’s first CFO. During his tenure, Chad has built an excellent team who have implemented tight financial controls and efficient processes that have allowed us to scale through Zillow’s IPO, our rapid growth, and our acquisition of Trulia and establishment of Zillow Group.”
Zillow Group is conducting a search for a replacement, and Cohen will remain as CFO through second-quarter earnings and the 10-Q filing.
Zillow Group will provide an update on the CFO search at its second-quarter earnings call.
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