Former REA chief appointed as Domain interim CEO
Domain has appointed the former CEO of its number one competitor, REA Group, to oversee its operations while the board searches for a permanent CEO.
Greg Ellis has committed to the interim CEO role at the Nine-owned real estate site for a period of 12 months, starting on Monday, February 17.
Ellis is already well-acquainted with Domain, having sat on the board from 2017. He will continue as a director while acting as CEO.
He replaces outgoing CEO and managing director Jason Pellegrino, who announced in October he would be stepping down after six years leading the real estate business.
Greg Ellis
At the time, Pellegrino committed to see through the FY25 half-year results period and the leadership transition. The search for his permanent replacement has so far been unsuccessful.
Domain chair Nick Falloon said the board is “fortunate to have someone with Greg’s ability step into the role as the search continues”, noting that Ellis is “already familiar with the business and is engaged in its long-term ambitions”.
Ellis is also well-versed in the real estate listings game. He was CEO and managing director of the News Corp-owned REA Group from 2008 to 2014, after which he led Germany’s biggest real estate hub, Scout24, for a four-year stint.
Most recently he was CEO of accounting software business MYOB, a position he held until 2023.
Pellegrino leaves the company in a strong position, with Domain reporting on Thursday that its earnings rose by 14% in the first half of FY25, to $77.8 million, while profits jumped 28%, to $33.1 million.
In his final investor call, Pellegrino pointed to a 23% year-on-year increase in site visits to Domain during the first half of the current financial year, noting this sees the site “outperforming the growth rate of our major competitor over the same period”.
Domain’s H1 FY25 results
Domain remains a distinct second to that major competitor, REA Group, who posted first-half FY25 earnings of $535 million – up 22% – and profits of $314 million – a 26% leap.
Last week, News Corp’s chief executive, Robert Thomson, named real estate as one of the global company’s “three pillars of growth” for the current financial year, along with Wall Street Journal publisher Dow Jones, and its book publishing arm.
Domain is also seeing growth in the second half of FY25, with January listings up 3% year-on-year in “a seasonally lower period”, with stable earnings margins expected for the financial year.
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Nathan Jolly is the Features Editor at Mumbrella. He joined the team in July, 2023.
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