Redfin has a new member on its board of directors. The brokerage and iBuyer announced Tuesday that Brad Singer will be joining the board beginning in June.
Singer has decades of business, finance and investment experience. Most recently he was a partner and COO of ValueAct Capital. Prior to that he was the senior executive vice president and CFO of Discovery Communication and the CFO and treasurer of American Tower. In addition, he was also an investment banker at Goldman Sachs.
The appointment of Singer to the board comes as longtime board member Bob Mylod prepares to step away to “focus on other professional commitments.” Mylod has served on Redfin’s board for eight years, including as chair from 2016 to 2020. His term ends this year and he has decided not to stand for re-election at Redfin’s 2022 annual shareholder meeting in June. His term will be complete at the end of the meeting, at which point he will leave the board.
Redfin CEO Glenn Kelman said that Mylod’s decision to step down came after the firm managed to recruit Singer.
“We share Bob’s confidence in Brad, who was our #1 candidate when we first began looking to add a director,” Kelman said in a statement. “He’s 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 required to generate major profits.”
Singer currently serves as chair of the National Board for the Posse Foundation and is also on the board of directors for Sweetgreen, where he chairs the audit committee.
In 2021, Redfin recorded a $110 million loss up from a $19 million loss in 2020, mostly due to widening losses in its iBuying business. However, the brokerage also saw a dramatic jump in revenue, earning $1.9 billion in 2021, a 108% increase from the year prior.
In February, HousingWire examined Redfin’s unique, brave and vulnerable business model. The brokerage is rare in that it employs real estate agents, sends them more leads than the industry average, but it also must contend with high turnover and heavy fixed costs.