The man who led the turnaround at McGrath (ASX: MEA) will soon take the reins at another property company that has been battling for recovery - The Agency Group (ASX: AU1).
The fast-growing company has today announced property industry veteran Geoff Lucas will start as group CEO next week on 29 March, working alongside managing director Paul Niardone who will continue in his role.
"We are pleased Geoff has agreed to join The Agency, given his immense experience and success in the real estate sector," says The Agency chairman Andrew Jensen.
"The appointment comes at a time when The Agency is looking to use the foundation of its strong balance sheet and industry leading operational performance to continue to drive growth across its business."
The Agency's executive team is stacked with former McGrath executives and agents including Matt Lahood and Ben Collier, and earlier this year secured the backing of Western Australian racing magnate Bob Peters who took a 30 per cent stake in AU1.
An attempt by minority shareholder Magnolia Capital to bring the company into voluntary administration over a disputed debt was also quashed in February, following a December half when The Agency returned to profit and saw revenue rise by a third.
In deciding to join take on the new role, Lucas says he isimpressed with the resilience and commitment to its customers, people and strategy during its formative stages. He believes the business is now positioned, through its strengthened balance sheet, to be active in the industry's consolidation.
"I am excited to be joining The Agency Group, which I believe has a model and philosophy designed to appeal to a growing number of principals and agents given the current evolution of the real estate market," Lucas says.
"The recent expansion into Queensland, and now a national Commercial business, both demonstrate a true national presence providing our people and customers with the benefit of shared knowledge and broad network ensuring consistency in the delivery of service and value to our customers.
"The opportunity to work again with Matt Lahood as Real Estate CEO, with whom I worked for eight years at McGrath is particularly exciting given the success we shared in growing our people and the business whilst delivering exceptional customer service."
Niardone will have a $550,000 base salary inclusive of superannuation, plus short-term and long-term incentive payments. This compares to Niardone's base salary of $315,000 for Niardone in FY20, and $500,267 for Lahood, an executive director.Never miss a news update, subscribe here. Follow us on LinkedIn, Instagram and Twitter.
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