RISMEDIA, June 6, 2007-ZipRealty Inc., announced the promotion of J. Patrick Lashinsky, the? company’s president, to the additional role of chief executive officer and member of the Board of Directors. Richard Sommer has resigned as the company’s chief executive officer for personal reasons effective immediately.
Sommer joined ZipRealty in September 2006 and will maintain his seat on the company’s Board.
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.”
Lashinsky has held many executive roles at ZipRealty since joining the company in 2000. Most recently he held the role of president, after having previously been the executive vice president of Product Development and Strategy, and the senior vice president of Marketing and Business Development. During his tenure, Lashinsky has helped oversee operations and the refinement of the Company’s business model and strategy. A graduate of UCLA’s Anderson Graduate School of Management, Lashinsky had previously worked at General Mills and Del Monte in a variety of marketing roles.
Lashinsky stated, “I am excited to be assuming the CEO position at ZipRealty after seven years with the company and feel we are well-positioned for the future. Specifically, we plan on maintaining our strategy of growing aggressively but intelligently, giving superior client service, and making our agents among the most effective and productive in the industry. I look forward to working with our agents, clients, and partners to make ZipRealty the most successful company it can be.”
At this time the company remains comfortable with the full year 2007 earnings guidance provided on its May 9, 2007 earnings call.
For more information, visit www.ziprealty.com? or call 1-800-CALL-ZIP.