Post merger bloodbath at Trulia
“Paul Levine, previously Trulia’s chief operating officer, has been named president of Trulia, reporting to Rascoff. Pete Flint, co-founder and former CEO of Trulia, has joined the Zillow Group board of directors, as has former Trulia board member Greg Waldorf.”
I think Paul Levine is a great choice. What I’m not convinced about is how long they will keep separate companies. Although, by changing the name to “Zillow Group” it does appear that they might stick with this strategy.
I don’t think it could have gone any other way for Pete. But, after selling his company for multiple billions, he deserves to drop the mic and leave the stage.
“In connection with the close of the acquisition, the companies eliminated approximately 280 positions, primarily in San Francisco and Bellevue, Wash., due primarily to redundancy in the combined company’s sales and administrative organizations. Another 70 positions will be eliminated as of the end of the second quarter, at which time Zillow Group will have approximately 2,000 employees. The approximately 350 affected employees have already been notified.”
As the saying goes, “that’s show business”. I was surprised this happen so fast, but I guess ripping of the bandaid was the best solution. Although Trulia did (does?) have a great company culture. I’m sure these “eliminations” hit the team hard.
Bottom line is that the other shoe has dropped. Zillow Group is now in place. Murdoch is still keeping his cards close to the vest. Grab some popcorn.