Erik Blachford
Director at ZG
Board
About Erik Blachford
Erik Blachford (age 58) is an independent director of Zillow Group (ZG), serving since May 2005. He is Founder of Blachford Capital LLC (est. 2021) and a long-time investor/advisor in consumer technology and travel; he holds a BA from Princeton, an MBA from Columbia Business School, and an MFA from San Francisco State University . He currently serves on ZG’s Nominating and Governance Committee .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Blachford Capital LLC | Founder | 2021–present | Early-stage investing focus |
| Narrative Fund Management LLC | Partner | Nov 2019–present | VC investing/advisory |
| Technology Crossover Ventures (TCV) | Venture Partner (consultant) | Mar 2011–Sep 2021 | Advised TCV affiliates |
External Roles
| Organization | Role | Tenure | Public/Private | Committees/Impact |
|---|---|---|---|---|
| HipCamp | Director | Jan 2025–present | Private | — |
| Busbud Inc. | Director | Sep 2017–present | Private | — |
| Peloton Interactive, Inc. | Director (prior) | Apr 2015–Feb 2022 | Public | — |
| Nerdy, Inc. | Director (prior) | Oct 2015–Aug 2022 | Public | — |
| Liftopia, Inc. | Director (prior) | Dec 2011–Aug 2020 | Private | — |
| Siteminder Limited | Director (prior) | Dec 2013–Jan 2020 | Private | — |
| TourRadar | Director (prior) | Jul 2018–Mar 2020 | Private | — |
Board Governance
- Committee memberships: Nominating and Governance Committee (member); current committee is chaired by Gordon Stephenson .
- Independence: Determined independent under SEC/Nasdaq rules .
- Attendance: 100% attendance at Board/committee meetings in 2024 (all incumbents except Bohutinsky; she was 73%) .
- Board/Committee meeting cadence: Board 5; Audit 4; Compensation 4; Nominating & Governance 2 in 2024 .
- Executive sessions: Independent directors meet periodically without management .
- Board evaluations: Formal interview-based evaluation cycle executed in 2024, overseen by Corporate Secretary/GC; results shared and acted upon .
Fixed Compensation
- ZG pays no cash retainers or meeting fees to directors; compensation is equity-only under the Non-Employee Director Equity Program (NED Equity Program) effective Feb 13, 2024 .
- Annual grant design: Standard RSU award sized at $315,000 divided by a 20-trading-day average price; directors can elect to exchange in 25% increments into options at 3:1 options-to-RSU conversion .
| Component | 2024 Value/Detail |
|---|---|
| RSU Awards ($) | $322,729 |
| Option Awards ($) | — |
| Total ($) | $322,729 |
| Unvested RSUs (shares) at 12/31/2024 | 1,413 |
| Unexercised Options (shares) at 12/31/2024 | 57,304 |
Performance Compensation
- Director equity awards are time-based grants under the NED Equity Program; no performance-conditioned metrics (e.g., TSR, revenue) are disclosed for director compensation .
| Performance Metric | Inclusion in Director Pay | Notes |
|---|---|---|
| TSR/financial metrics in director awards | None disclosed | NED Equity Program provides time-based RSUs/options; no performance targets disclosed |
Other Directorships & Interlocks
| Relationship | Detail | Governance Note |
|---|---|---|
| Co-ownership of property | Blachford and Co-Executive Chairman Richard Barton are co-owners of a condominium | Considered by Board in independence review; not an Item 404 related person transaction |
| TCV affiliations | TCV has invested in ZG; certain directors/executives (including Blachford) have invested in TCV funds and/or provided consulting with indirect economic interests in some TCV investments | Considered in independence review; de minimis commitments; not Item 404 related transactions |
Expertise & Qualifications
- Corporate strategy, finance, entrepreneurial and operational leadership; technology and governance expertise .
- Deep domain experience in consumer tech/travel investing and boards of public/venture-backed companies .
Equity Ownership
| Security | Beneficial Ownership | % Class | Notes |
|---|---|---|---|
| Class A common | — | — | None listed for Blachford |
| Class B common | — | — | None listed for Blachford |
| Class C capital stock | 89,881 shares | — | Includes 57,304 options exercisable within 60 days; Class C is non-voting |
| Options exercisable (subset of above) | 57,304 shares | — | Included in beneficial ownership methodology |
| Total voting power | — | <1% | No Class A/B holdings; Class C is non-voting |
Hedging/pledging: Company policy prohibits short sales, strongly discourages hedging (requires GC pre-approval), and prohibits pledging/margin accounts with only limited, pre-approved exceptions; no pledging by Blachford is disclosed .
Governance Assessment
- Strengths: Independent status; full attendance in 2024; equity-only compensation aligns interests with shareholders; participation on Nominating & Governance Committee supports board refresh, evaluations, and sustainability oversight .
- Structure signal: Shift from option-only to NED Equity Program with RSU/option choice in 2024 suggests move toward steadier, time-based equity; still at-risk via stock outcomes, but not conditioned on performance metrics (reduces pay volatility, may modestly dilute direct performance linkage) .
- Potential conflicts/RED FLAGS: Personal condo co-ownership with Barton; broad TCV relationships (ZG investees; director/executive fund commitments and consulting) create network interlocks—Board reviewed and deemed independent; not reportable as related party transactions but warrants continuous monitoring for recusal and perceptions of influence .
- Additional positive governance signals: Independent director executive sessions; formal annual board evaluation process; related-party review overseen by Audit Committee .