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  "documentTitle": "Zillow Group, Inc. (Z)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2024-03-05 00:00:00",
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      "text": "Spruce Point believes Zillow shareholders would benefit from a major shakeup of Zillow’s Board.",
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      "text": "Committee Chairperson, Committee Member, Independent Director, Financial Expert",
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      "text": "Zillow's Board hasn't changed much since 2005. In fact, four out of the seven “independent” members have been directors since 2005. TCV was an early investor in Zillow; Jay Hoag from TCV has been on the Board since 2005. Erik Blachford (who was a former consulting venture partner at TCV), Gordon Stephenson (who was an early investor and college connection with Rich Barton) and Gregory Maffei have also been on the Board since 2005. In addition, Amy Bohutinsky is a Partner at TCV and sits on the compensation committee with her colleague Jay Hoag who acts as chair of the committee. In January 2024, Zillow reappointed Bill Gurley, who was previously director at the firm between 2005 and 2015. Given the maturity of the business, major losses from Zillow Offers, and uncertainty around new business initiatives such as the Flex program or the Super App, Spruce Point believes Zillow shareholders would benefit from a major shakeup of Zillow's Board.",
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      "text": "Source: Z 2023 Proxy. Inman Article, March 2015",
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      "text": "Board Appears Entrenched",
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