ZPG Limited, the parent of Zoopla and several other U.K. companies, has announced that its founder and CEO Alex Chesterman will “step back from day to day operations” at the end of September. He will remain on the board and act as an advisor.
The news statement announcing the change highlighted Chesterman’s (LinkedIn profile) role in growing Zoopla Group to annual revenues of more than £300 million ($389 million U.S.), and his activities as an investor. He has backed start-ups including Graze, Secret Escapes, UniPlaces, CarWow, Swoon, PerkBox, WeSwap, Tide, FareWill, Cleo and more.
American private equity firm Silver Lake Partners recently completed its $3 billion (U.S.) acquisition of Zoopla. Perhaps this move signals a change in strategy, or maybe Chesterman is happy to take the money and stroll.
The company’s property division, which includes Zoopla, PrimeLocation and SmartNewHomes, software such as Alto, Jupix and Expert Agent and data businesses HomeTrack and Calcasa, will be run by division MD Charlie Bryant, formerly CEO of HomeTrack.
For the usual exchange of niceties in such an announcement, Chesterman said: “I look forward to remaining involved as a board member, investor, and strategic adviser as well as being able to focus more time on my other investments and interests.”
Silver Lake MD Simon Patterson (LinkedIn profile) said: “Alex is one of Europe’s most accomplished technology entrepreneurs and we are delighted that he will remain on the Board as a significant equity investor and will continue to advise the business.”