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Nick Falloon to receive $4,300 a day for Domain CEO duties

Domain executive chairman Nick Falloon is to receive $4,300 a day for carrying out the listed company’s CEO duties while the hunt to replace Antony Catalano continues.

In an announcement to the ASX this afternoon, Domain said the board had resolved to pay Falloon the daily rate based on Catalano’s fixed salary component of $1,200,000. The figure will not include any incentive payments.

 

Falloon: “We are progressing with the global search for a new CEO”

In the announcement, the company said Falloon will be paid in addition to his fees for carrying out the non-executive chairman role.

Catalano stood down in late January. At the time, the company and Catalano said he was looking to spend time with his family. After his departure, however, allegations that he fostered a boys’ club culture emerged in the Fairfax press. 

Catalano then engaged high-profile defamation lawyer Mark O’Brien.

Since Catalano’s departure, the company made a ‘small number’ of redundancies while Falloon told investors in mid February there would be “no impact whatsoever going forward” from the CEO’s abrupt resignation.

At the beginning of this month Falloon told the Macquarie Australia Conference: “We are progressing with the global search for a new CEO. As you would expect, this is a thorough process and we will take the appropriate time to identify the right individual.

“We have some very strong candidates in the process – as you would expect for an opportunity to lead a digital business of this scale.”

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