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Jason Pellegrino has announced plans to retire as CEO of Domain Holdings Australia (ASX: DHG) after six years in the role, with the property marketplace yet to announce his replacement.
But Domain says that Pellegrino and its board have agreed to a “staged and orderly exit” for the CEO who will stay on for between three and six months to support the succession process.
The company plans to use this time to “assess its requirements and evaluate candidates to lead the company going forward”.
Pellegrino was the former Google Australia boss prior to joining Domain as CEO in 2018 when media company Fairfax spun out its real estate content division into a stand-alone ASX listing.
Domain chair Nick Falloon, a former chairman of Fairfax, paid tribute to Pellegrino’s “strong and authentic leadership” in transforming Domain from a “media-led classifieds business to a technology-led property marketplace”.
“The board is deeply grateful for Jason’s contribution over the past six years,” says Falloon.
“He leaves Domain in a strong financial, operational and cultural position, underpinned by robust digital infrastructure that enables us to be highly competitive across the entire property ecosystem.
“Jason successfully steered the company through disruptive periods, not least of which the COVID-19 crisis that profoundly impacted property listings, while substantially improving our organisational culture and creating powerful shared values for Domain’s employees.”
Major shareholder Nine Entertainment Co. Holdings, which is also undergoing a leadership transition following the resignation of CEO Mike Sneesby last month (although under markedly different circumstances), has also acknowledged Pellegrino’s leadership which this year saw the company increase net profit by 28 per cent to $49.4 million in FY24 following a 13 per cent lift in revenue to $391.1 million.
“Having worked closely with Jason over the last two years, I want to thank him for his partnership and leadership of the Domain business,” says Nine Entertainment’s acting CEO Matt Stanton.
“As the latest financial results show, Domain has grown steadily and has a highly promising pipeline of innovation.
“Jason has also been instrumental in cultural transformation, overcoming historical challenges to create an environment that is positive and rewarding for staff. I look forward to working with Jason’s successor to deliver on the significant opportunities that lie ahead for Domain.”
Pellegrino has offered no reason for his departure other than it is the right time to move on.
“It has been an honour to serve as the CEO of Domain and to work alongside an exceptionally talented group of people right across the organisation,” he says.
“With the company in a strong financial position and the property market in a robust state, now is the appropriate time to initiate this change.
“In the meantime, I remain committed to the company and supporting my successor with a smooth transition.”
When announcing its annual financial results in August, Domain forecast stable EBITDA margins but higher costs in FY25 due to "ongoing investment to drive growth opportunities from Domain’s Marketplace".
The company said at the time that while July experienced continued growth, with new "for sale" listings up 4 per cent from the previous year on a like-for-like basis, growth rates in Sydney and Melbourne had moderated from a "very strong FY24 performance" although momentum was improving outside of NSW and Victoria.
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