REA Group restructures with around 60 redundancies
Realestate.com.au’s parent company REA Group has restructured, resulting in multiple redundancies.
Mumbrella understands around 60 roles were made redundant, and 15 redeployed.
REA Group is restructuring under CEO Owen Wilson
Under the new structure, the company is also hiring around 20 new roles.
The restructure includes the marketing department with around six roles impacted, Mumbrella understands.
REA did not confirm the number of roles which would be changing.
REA Group said its priority is focusing on its people during this difficult time, but noted the company is tracking well in tight market conditions.
“REA is implementing a refined structure to align our teams behind our strategy. This structure will increase our speed to market and delivers an increased focus on our customers and consumers,” a spokesperson told Mumbrella.
“REA Group has delivered strong results, demonstrating resilience to difficult market conditions. We continue to manage our operations to deliver the best outcomes for our customers, consumers and shareholders.
“Some roles will be impacted via redundancy, some roles will be redeployed within the business and several new roles will be created. Our priority is to support those people impacted through this difficult time with their individual choices, whether they be job search and career transition programs or other services available through our Employee Assistance Program.”
Mumbrella understands the restructure and resulting redundancies are part of CEO Owen Wilson’s plans to refocus the organisation.
Wilson was promoted from chief financial officer late last year, following the departure of CEO Tracy Fellows.
Rival Domain has also had a wide-ranging restructure under CEO Jason Pellegrino with numerous high-profile departures.
Henry seems to have some competition. C’mon Henry, i’m sure there are more to go.
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“Nyip!”
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Wow – Melina has truly swooped in and [Edited under Mumbrella’s comment moderation policy]. Will be watching closely how this impacts Melb office / BWM.
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Why does a company that makes record profits year on year on year on year on year then make a bunch of redundancies when their profits slightly aren’t as big YoY.
Where has taking care of your employees in tough times gone? This is why people aren’t loyal anymore, it doesn’t pay off!
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Hi Ken
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Their new marketing director is from Domain – assume they may want to bring over their mates?
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Hi Barbie
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This has already started. Watch this space…
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BWM has just locked in new contract. New roles a/plenty. She may need to slow down as it’s REA.
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This may have already happened. Ex Domain (or maybe current) may have been copied on emails fromCMO through their gmail accounts. 2 new roles based in Sydney.
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New Aussie Post CFO making change. The Inventor bites the dust.
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Someone bringing in people they have worked with? That’s freakin outrageous!
Ask Ahmoud
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Lets see how long it takes Melina to move whats left of the marketing team to Sydney and install her Domain mates who are waiting in the wings.
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REA have been gradually offloading all of their more expensive and innovative talent for some time now. Not the business it once was I’m afraid and they are increasingly risk averse since they paid way too much for their foreign assets a few years ago. It’s now all about cost-cutting, protecting core revenue streams and squeezing agents for every cent. It’s a shame.
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