Fit appoints Zillow co-founder Spencer Rascoff as CEO

Fit Staff announced on Tuesday that Zillow co-founder Spencer Rascoff will handover as its untouched CEO.

Rascoff, who has served as a member of the net relationship corporate’s board since March 2024, will substitute Bernard Kim within the position, Fit mentioned.

“During his time on the Board, Spencer has demonstrated a strong strategic perspective and deep understanding of Match Group’s brands and opportunities,” mentioned Fit Staff Chairman Tom McInerney, in a remark. “We are confident in his ability to drive the company’s next phase of innovation and growth.”

Along side the management alternate, Fit introduced better-than-expected fourth-quarter effects however lackluster steerage. Fit posted income according to proportion of 59 cents on $860 million in earnings. That crowned the 54 cents according to proportion in income and $859 million in earnings anticipated by means of analysts polled by means of LSEG.

Then again, the mother or father of Tinder and Hinge issued disappointing earnings steerage for the primary quarter. The corporate forecast gross sales of $820 million to $830 million for the quarter, falling snip of the $853 million estimate from LSEG.

The stocks sank 7% in prolonged buying and selling then the record.

Fit used to be absolutely spun out of Barry Diller’s IAC Staff in 2020, however has had a tricky run as an free family corporate. Its marketplace cap used to be about $30 billion at the time of the transaction and has since reduced in size beneath $10 billion, reflecting a dramatic slowdown in earnings expansion.

Closing future, IAC mentioned its board authorized the by-product of Angi, the house growth marketplace playground the corporate bought in 2017.

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