Despite Recent Turmoil Zillow Shareholders Re-elect CEO Barton to the Board

Zillow shareholders re-elected co-founder and CEO Rich Barton to the company's board of directors at Tuesday's annual shareholders' meeting.

Re-elected until 2025 along with the former Microsoft employee were co-founder and Executive Chairman Lloyd Frink and long-time board member April Underwood.

The re-elections come as Zillow struggles to change the narrative around its recent performance, deal with increased competition from Realtor.com and new entrant CoStar and fight off a lawsuit brought by discount brokerage REX.

Although the company's core IMT segment (which includes Zillow's flagship Premier Agent product) has been performing well, the company's iBuying debacle and market factors have led to an 85% drop in the company's share price since February 2021.

Although the re-election of the three board members is perhaps not a surprise, all three will be under increasing pressure to make successes of Zillow's latest initiatives.

The Seattle-based portal company plans to build what it calls a 'housing super app' which will provide a tech-enhanced home shopping experience, facilitate in-person touring via the integration with ShowingTime and provide mortgage pre-approval. There are also signs that Zillow is shifting its business model to a more commission-based one with the company piloting a 'post-pay' system for agents in Denver and Raliegh, North Carolina.