Bill Gurley
ZILLOW GROUPAbout J. William (Bill) Gurley
Independent director at Zillow Group (ZG); appointed January 6, 2024. General Partner at Benchmark Capital; prior roles include partner at Hummer Winblad Venture Partners, research analyst at Credit Suisse First Boston, and design engineer at Compaq. Education: B.S. in Computer Science (University of Florida) and MBA (University of Texas). Age 58; tenure on current ZG board since 2024; previously served on ZG’s board from 2005–2015 .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Zillow Group, Inc. | Director | 2005–2015 | Prior board service at ZG (institutional memory) |
| Hummer Winblad Venture Partners | Partner | Not disclosed | Venture investing experience |
| Credit Suisse First Boston | Research Analyst | Not disclosed | Sell-side technology coverage |
| Compaq Computer Corporation | Design Engineer | Not disclosed | Technical/engineering background |
External Roles
| Organization | Role | Tenure | Committees/Positions |
|---|---|---|---|
| Stitch Fix, Inc. (public) | Director | Since Aug 2013 | Chair of the Nominating & Corporate Governance Committee |
| Nextdoor Holdings, Inc. (public) | Director | Since Nov 2021 | Nominating, Corporate Governance & Corporate Responsibility Committee |
Board Governance
- Independence: Board determined Gurley is independent under SEC/Nasdaq rules .
- Committee assignments at ZG: None (not a member of Audit, Compensation, or Nominating & Governance committees) .
- Attendance: In 2024, each incumbent director attended 100% of Board/committee meetings except one director; implies Gurley’s attendance was 100% during his service that year .
- Class and term: Appointed Class I director January 6, 2024 and presented for election at the June 3, 2024 AGM to serve until 2027 .
Fixed Compensation (Director)
| Year | Annual Cash Retainer ($) | Committee/Chair Fees ($) | Meeting Fees ($) | Expense Reimbursement |
|---|---|---|---|---|
| 2024 | 0 | 0 | 0 | Yes (reasonable expenses) |
ZG pays no cash to non-employee directors; compensation is solely equity-based under its Non-Employee Director Equity Program .
Performance Compensation (Director Equity)
| Year | RSU Awards ($) | Option Awards ($) | Notable Grant Details |
|---|---|---|---|
| 2024 | 0 | 627,886 | Received a prorated initial stock option for service Jan 6–Mar 1, 2024 (Black-Scholes value $41,667; one-year quarterly vesting), plus annual equity under the 2024 program (directors may elect RSUs or exchange for options at 3:1). As of 12/31/24, held 18,161 unexercised options . |
Vesting mechanics and program structure
- Since Feb 13, 2024, Annual RSU Award = $315,000 divided by 20-day average closing price; directors may elect to receive options at a 3:1 conversion; annual grant date March 1 (5,652 RSUs in March 2024 baseline) .
- Gurley’s initial prorated option: grant date March 1, 2024; exercise price = closing price on grant date; vests quarterly over one year .
Other Directorships & Interlocks
| Topic | Details |
|---|---|
| Cross-fund relationships | Gurley is a General Partner of Benchmark. Barton and Frink have invested as LPs in certain Benchmark funds; their commitments are de minimis relative to fund size. The Board considered and still determined independence . |
| Board network overlaps (others on ZG board) | Examples the Board considered: Barton and Hoag both serve on Netflix; Maffei chairs TripAdvisor where Hoag serves; Barton serves on Qurate where Maffei is Executive Chairman. These are not Gurley interlocks but reflect board-wide networks considered in independence review . |
Expertise & Qualifications
- Corporate strategy and finance; technology industry; corporate governance; venture investing; prior operating/engineering experience .
- Education: B.S. Computer Science (UF); MBA (UT Austin) .
Equity Ownership (Alignment)
| Security | Amount | Notes |
|---|---|---|
| Class A common shares | 71,270 | Held by the Gurley Revocable Trust; <1% voting power . |
| Class C capital shares (non-voting) | 92,404 | Held by the Gurley Revocable Trust; <1% overall . |
| Options exercisable/vesting within 60 days (Class C) | 18,161 | As of March 24, 2025 . |
| % of total voting power | <1% | Voting power is over Class A and B only . |
Hedging/pledging policy: ZG prohibits short sales and pledging in margin accounts; hedging/pledging transactions require pre-approval by General Counsel. No pledges disclosed for Gurley .
Governance Assessment
- Strengths: Independent; 100% attendance in 2024; deep technology and governance expertise; extensive public board experience (Stitch Fix, Nextdoor); ZG director pay is entirely equity-based (no cash), supporting alignment; equity program allows director choice, with time-based vesting and consistent grant cadence .
- Potential conflicts and mitigants: LP relationships between ZG insiders and Benchmark funds (de minimis) were reviewed by the Board; independence affirmed. No related-party transactions requiring disclosure involving Gurley were reported .
- Influence/engagement: Not currently on ZG’s standing committees (audit/comp/nom-gov), which can limit direct oversight lever; however, his external committee leadership (e.g., Stitch Fix) demonstrates governance depth that can contribute at the full Board level .
- Shareholder sentiment context: ZG’s 2024 say-on-pay received ~78% “For,” indicating acceptable but not overwhelming support; Board engaged with shareholders post-vote .
RED FLAGS: None material specific to Gurley disclosed. No pledging or related-party transactions requiring disclosure; equity-only director compensation is shareholder-aligned. Monitor any evolving Benchmark cross-investments and committee placement to ensure continued independence optics .