Brad Singer joins Redfin’s board of directors

red fin has a new member on its board of directors. Brokerage and iBuyer announcement Tuesday that Brad Singer will join the board beginning in June.

Singer has decades of experience in business, finance and investing. Most recently, he was a partner and COO of ValueAct Capital. Previously, he was Senior Executive Vice President and Chief Financial Officer of Discovery Communication and the Chief Financial Officer and Treasurer of American tower. In addition, he was also an investment banker at Goldman Sachs.

Singer’s appointment to the board comes as longtime board member Bob Mylod prepares to step down to “focus on other professional commitments.” Mylod served on Redfin’s board of directors for eight years, including as chairman from 2016 to 2020. His term ends this year and he has decided not to stand again at Redfin’s annual shareholders’ meeting in June 2022. His mandate will end at the end of the meeting, the date on which he will leave the Board.

Redfin CEO Glenn Kelman said Mylod’s decision to step down came after the company successfully recruited Singer.

“We share Bob’s faith in Brad, who was our No. 1 candidate when we started looking to add a director,” Kelman said in a statement. “He is financially savvy, strategic and down-to-earth. Brad believes in our mission to redefine real estate in the consumer’s favor and understands the frugality needed to drive big profits.

Singer is currently president of the Posse Foundation National Council and also sits on the board of directors of sweetgreenwhere he chairs the audit committee.

In 2021, Redfin recorded a loss of $110 million compared to a loss of $19 million in 2020, mainly due to widening losses in its iBuying business. However, the brokerage has also seen a dramatic increase in revenue, earning $1.9 billion in 2021, a 108% increase from the previous year.

In February, HousingWire reviewed Redfin’s project unique, brave and vulnerable business model. Brokerage is rare in that it employs real estate agents, sends them more leads than the industry average, but it also has to contend with high turnover and high fixed costs.

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