Domain shares fall on CEO Jason Pellegrino departure
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More news: Domain shares tumbled in morning trade after the real estate marketplace announced the departure of its CEO Jason Pellegrino after six years in the role.
Domain shares were down 2.3% to $3.30 by midday AEDT and over the past 12 months has plummeted 18.6%.
Domain CEO Jason Pellegrino to step down
The news: Real estate classifieds firm Domain says CEO Jason Pellegrino will step down as CEO after six years in the role.
The numbers: Pellegrino, who joined Domain in August 2018, will continue as CEO and managing director for a period of three to six months to support the succession process before departing.
The staged exit will allow the board to assess its requirements and evaluate candidates, Domain said.
The context: Pellegrino said this was an appropriate time for the change, with the company in a strong financial position and the property market in a robust state. Pellegrino was previously Google’s Australia and New Zealand managing director.
In August, Domain booked a 62.5% jump in full-year profit on the back of record depth penetration and listings growth in Sydney and Melbourne. It has, however, lagged larger rival REA Group. Media giant Nine controls a 60% stake in Domain.
The source: ASX announcement
