CoStar CFO To Step Down, Firm's European Head To Replace Him

CoStar Group’s chief financial officer is departing at the end of the month.

Christian Lown is leaving July 31 to pursue an opportunity outside of the industry, the Arlington-based real estate data firm announced Monday. Robin Rossmann, who leads CoStar’s European operations, will take his place.

The transition will occur just days after CoStar reports its second-quarter earnings on July 28. It also comes as CoStar faces pressure from investors over its spending on Homes.com, the Washington Business Journal reported.  

CoStar’s stock was down 4% Tuesday morning.

Lown served as CoStar’s CFO for two years and previously served as the CFO of Freddie Mac. His departure wasn’t the result of any disagreement with CoStar over its policies or practices, the company said in a press release.

Rossmann joined STR in 2016 and became part of CoStar through its acquisition of STR in 2019. Since then, he has helped drive strong revenue growth and integrate acquisitions, CoStar CEO Andy Florance said in the release.   

CoStar is facing several antitrust lawsuits amid its pursuit of acquisition opportunities. In April, CoStar was hit with a class-action suit that said it controls 80% of the online commercial real estate listing market and accusing it of leveraging its position to stifle competition.

Last month, another class action was filed against the company, accusing it and five of the country’s largest brokerages of engaging in a price-fixing conspiracy.

CoStar spent $156M to purchase Homes.com in 2021. Since then, it has invested billions into its platform in an effort to outpace other housing data giants. Two activist investors in February wrote letters to CoStar’s board, saying the company’s “disproportionate” focus on the real estate search site has led to a significant decline in stock price. CoStar’s stock price is down 57% this year.