Spencer Rascoff has been named chief executive officer of Zillow Inc.

Zillow operates real estate website Zillow.com, Zillow Mortgage Marketplace and a mobile real estate platform, according to a statement. Co-founder Rich Barton, who has been the company’s CEO since it was founded in 2005, will continue on as executive chairman of the board of directors. Fellow co-founder Lloyd Frink will move from president to the new full-time role of chief strategy officer.

"Spencer is an immensely capable and energetic leader who has been a driving force at Zillow from the beginning, helping to grow the company from a spark of an idea into a profitable industry leader," said Barton. "This promotion is well-deserved and reflects the leadership responsibility he’s been carrying for a while."

Rascoff joined Zillow in 2005 as one of the original executive team members and has been serving as chief operating officer since October 2008, according to a statement. Previously he was chief financial officer and vice president of marketing.

"Working with Rich, Lloyd and the entire Zillow team has been the most exciting and rewarding period of my career," said Rascoff. "I am extremely proud of our progress to date and even more excited about the opportunities ahead."

Prior to Zillow, Rascoff served as vice president of lodging at Expedia, which he joined after InterActiveCorp.’s $675 million acquisition of discount travel site Hotwire.com in 2003, according to a statement. Rascoff co-founded Hotwire in 1999.