ZipRealty, Inc. (Nasdaq: ZIPR) today announced that Lanny Baker will be promoted to the position of Chief Executive Officer and President and member of the Company’s Board of Directors, effective October 2, 2010. Mr. Baker has served as ZipRealty’s Executive Vice President and Chief Financial Officer since December 2008. Prior to joining ZipRealty, Mr. Baker served as Chief Financial Officer of Monster Worldwide and spent sixteen years as an equity research analyst focusing on the Internet/Online Media Sector.
Mr. Baker stated, “I am excited to lead ZipRealty and believe that we have an unparalleled opportunity to leverage the Company’s cutting edge technology and expertise in the online channel in revolutionary ways. Mr. Baker continued, “Above all, we intend to aggressively capitalize on our platform and significant resources to deliver consistent profitability and long-term growth.
Mr. Baker’s promotion is the result of Mr. Lashinsky’s decision to step down as the Company's Chief Executive Officer and President, although he will remain in his current position through October 1, 2010 to assist in the transition.
Donald Wood, Chairman of ZipRealty’s Board of Directors, stated, “We are thankful that Pat’s leadership, determination, and knowledge of the market allowed ZipRealty to grow revenues dramatically over the years while reaching national-brand status. He leaves us a solid foundation to target this $40+ billion market opportunity. We wish Pat well in his future endeavors. The Board has worked closed with Lanny for two years and is highly confident that his leadership ability, strategic thinking, and business skill set will create value for ZipRealty’s stakeholders over the coming years.About ZipRealty, Inc. ZipRealty is a leading full-service residential real estate brokerage that uses an innovative combination of a comprehensive online presence, robust proprietary technology and knowledgeable local agents in the field to offer its clients fast, responsive and transparent service. The Company’s award-winning, user-friendly website gives its users access to comprehensive local Multiple Listing Services home listings data, as well as other relevant market and neighborhood information and tools. The Company's proprietary technology, including its agent platform and customer relationship tools, helps it to increase agent efficiency and reduce costs, allowing the Company to pass on significant savings to consumers as permitted by law. Founded in 1999, the Company operates in 35 major markets in 22 states and the District of Columbia. For more information on ZipRealty, visit www.ziprealty.com or call 1-800-CALL-ZIP. Cautionary Language This release contains forward-looking statements within the meaning of the "safe harbor" provisions of the federal securities laws, including, without limitation, statements regarding the Company’s unparalleled opportunity to leverage its cutting edge technology and expertise in the online channel in revolutionary ways, the Company’s intention to aggressively capitalize on its platform and significant resources to deliver consistent profitability and long-term growth, the Company’s targeting of the $40+ billion market opportunity, and the creation of value for the Company’s stakeholders over the coming years. The forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected. The risks and uncertainties include but are not limited to the Company’s history of losses and expectations concerning future losses, volatility in the real estate market, macroeconomic factors such as unemployment, tight credit, inventory levels and the impact of government programs, the Company’s ability to achieve sufficient agent productivity and retention to offset its costs, to remain an innovation leader in its industry, to adapt to changes in technologies and practices relating to the nature and use of information, to comply with often complex federal and state laws and regulations concerning its employees, independent contractors and other business practices, to attract, retain and incentivize agents and key personnel, to grow local market share in the face of intense competition, to access leads and MLS listings from third parties that it does not control, to develop, maintain and protect a strong brand identity, to protect arrangements for providing access to core services, and to manage the growth of technology and control systems, the Company’s continued use of rebates, the impact of website advertising and lead generation services on the visit-to-transaction pathway of potential customers, the Company’s pursuit of revenue growth opportunities that may reduce its profit margins, seasonality, systems interruptions, delays and failures, geographic concentration, the protection and defense of the Company’s intellectual property rights, and other risk factors set forth in the Company's Form 10-K for the year ended December 31, 2009. The forward-looking statements included in this release are made as of today’s date and, except as otherwise required by law, ZipRealty does not intend to update these forward-looking statements to reflect events or circumstances after the date hereof.