ZipRealty CEO resigns

ZipRealty late Monday announced that Richard Sommer has resigned as CEO of the publicly-traded real estate brokerage company for personal reasons. The company has appointed Patrick Lashinsky (pictured left), currently the president of Zip, to take on the role of CEO. Lashinsky also will become a member of Zip's board of directors.

Sommer joined ZipRealty in September 2006 and will maintain his seat on the company's board, the company said in an announcement. Sommer previously was the CEO of HomeGain and held key positions at IndyMac.

Don Wood, ZipRealty's Chairman stated, "We are sorry to see Richard leave, but are pleased to have him remain actively involved with the Company by staying on the Board of Directors. We wish him all the best in his personal endeavors. That said, we believe that Pat can transition smoothly into the role of CEO and be a terrific leader of the Company. Pat joined ZipRealty in its first year of operation and has been instrumental in its growth and evolution. We are excited about his passion to make ZipRealty one of the largest and best brokerages in the country."

Zip last month reported a $3.1 million net loss in the first quarter. Despite the loss, the company continues to expand brokerage operations into new markets and recruit more agents.

Zip stock (Nasdaq: ZIPR) fell .05% in afterhours trading at $7.47 a share.

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