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Residential real estate company McGrath Limited (ASX: MEA) has appointed its founder and executive director John McGrath into the role of managing director and CEO, effective as of today.
The founder will replace Eddie Law who stepped down in February this year after taking up the mantle two years prior following a major turnaround of the ASX listed company.
That was largely led by former CEO Geoff Lucas, who has since accepted the top job at rival real estate firm The Agency (ASX: AU1).
The move into the CEO and managing director’s seat is a bit of a homecoming moment for John, who founded McGrath in 1988, taking it from a startup to an ASX-listed company in 2015.
It also marks the second time the founder will have the title of CEO, having resigned from that role back in 2016, at the time handing the reins to Cameron Judson.
According to MEA’s chair Peter Lewis, the board determined John was the “ideal choice” to lead McGrath into its next growth phase.
“John’s passion for the business and understanding of the real estate industry is unparalleled, as is his vision and commitment to excellence in marketing, technology, customer service and transparency,” Lewis said.
“We also wish to thank Eddie Law who has sagely guided McGrath during some challenging times, while also finalising two important business transactions and revenue streams.
“These include a partial sell-down of the Oxygen Home Loan business, and the $6.5 million investment in the digital start-up, Honey Insurance.”
John McGrath said he had “never been more excited” about the business he founded.
“We have an extraordinary platform and team to continue our path towards being the best residential real estate company in the country,” John said.
“With unparalleled talent and our upcoming technology advancements, I could not be more enthusiastic about our future.
“My plan is to continue to grow our agent productivity within our current footprint and also expand our office numbers across the East Coast.”
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