RentPath LLC, which is backed by TPG and Providence Equity Partners, has named former Vonage Holdings chief Marc Lefar as president and CEO. RentPath had been looking to fill the position since November 2015, when former President and CEO Chip Perry resigned after just four months in the post to take the top job at TrueCar. RentPath’s Kim Payne resumes her job as CFO after serving as interim president and CEO.
RentPath Names Marc Lefar as President and Chief Executive Officer
Seasoned, results-driven executive with experience leading digital and mobile innovations
13:49 ET from RentPath
ATLANTA, April 4, 2016 /PRNewswire/ — Leading digital marketplace RentPath, LLC, parent company of Apartment Guide, Rent.com, Rentals.com and Lovely, announced today that effective immediately, Marc Lefar has been named President and Chief Executive Officer. Lefar brings a wealth of mobile and digital experience to RentPath, having led the transformation of cloud communications provider Vonage Holdings as CEO from 2008 to 2014. He currently serves on the Board of Directors of ClassPass and IPC Systems, as well as on the President’s National Security Telecommunications Advisory Board. Kim Payne, who has been serving as interim CEO during the search process, will resume her long-time role as Chief Financial Officer.
David Trujillo, Chairman of the Board at RentPath and partner at TPG, stated that the board unanimously supported Lefar because of his consistently strong leadership and innovative problem-solving skills across a broad range of companies and industries.
“After an exhaustive search, we are thrilled to have Marc join the RentPath family. His legacy of guiding established brands during periods of major product innovation makes us confident that Marc is the right leader to spearhead the next chapter of our leadership in the industry,” Trujillo said. “We thank Kim for her dedication, service, and stewardship as interim CEO and look forward to her continued leadership as our Chief Financial Officer.”
Over his 30-year career, Lefar has developed a unique blend of global marketing, product, financial, and operational expertise, leading successful teams across a range of markets and businesses. In his prior tenure as CEO of Vonage, he led a comprehensive strategic, financial and operational transformation resulting in the successful expansion into new markets while driving dramatic shareholder returns. Before joining Vonage, Lefar spent more than a decade in executive leadership roles in the wireless industry. He served as Chief Marketing Officer of Cingular Wireless, now AT&T Mobility, responsible for all aspects of marketing strategy and execution. He played a lead role in the acquisition and successful integration of AT&T Wireless into Cingular in 2005 and later worked with Steve Jobs and his team at Apple during the development of the exclusive partnership to launch the iPhone. Marc started his career at Procter and Gamble.
“Marc has a sterling record of driving results. He retains and attracts top talent, creating dynamic teams that successfully build brand equity and adapt to changing markets to deliver the highest value to customers. We’re confident that his breadth and depth of experience will energize the company and forge our path forward to continued leadership,” said Michael Dominguez, a managing director at Providence Equity Partners and RentPath board member.
Lefar stated, “I am thrilled to join the RentPath organization. I look forward to working with this passionate team and leveraging the latest technologies to delight both apartment-hunting consumers and property advertising customers. Today, more people in America are renting than ever before. And as the long-standing industry leader, RentPath is best positioned to create the greatest value for both sides of the digital marketplace.”
RentPath is a leading digital marketplace connecting millions of consumers with apartments, condos and houses for rent through its network of websites and mobile apps. RentPath’s category-leading brands include Apartment Guide, Rent.com, Lovely, Rentals.com, and RentalHouses.com. With an unmatched search capability, amplified by constantly refined tools and industry insights, RentPath provides consumers with a clear and simple guide to apartment living through content-rich apartment listings in a user-friendly format with Internet, mobile and social media solutions. The brand’s commitment to maximizing owner and manager value makes RentPath a leading multifamily housing industry partner. For more information, visit www.rentpath.com.
TPG is a leading global private investment firm founded in 1992 with over $70 billion of assets under management and offices in San Francisco, Fort Worth, Austin, Dallas, Houston, New York, Beijing, Hong Kong, Istanbul, London, Luxembourg, Melbourne, Moscow, Mumbai, São Paulo, Singapore and Tokyo. TPG’s investment platforms are across a wide range of asset classes including private equity, growth venture, real estate, credit and public equity. TPG aims to build dynamic products and options for its investors while also instituting discipline and operational excellence across the investment strategy and performance of their portfolio. Since the start of 2014, TPG has raised more than $18.6 billion for its investment funds and has launched six new products including Pace Holdings, TPG Real Estate Finance Trust (TRT) and TSL Europe. TPG’s current and past investments include Airbnb, CAA, Cirque du Soleil, Lynda.com, SurveyMonkey and Uber. For more information visit www.tpg.com.
About Providence Equity Partners
Providence is a premier, global asset management firm with $45 billion in assets under management across complementary private equity and credit businesses. Providence pioneered a sector-focused approach to private equity investing with the vision that a dedicated team of industry experts could build exceptional companies of enduring value. Since the firm’s inception in 1989, Providence has invested in more than 150 companies and is the leading equity investment firm focused on the media, communications, education and information industries. Providence is headquartered in Providence, RI and also has offices in New York, London, Singapore, New Delhi and Hong Kong. www.provequity.com
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