Domain Holdings Australia Limited has announced that after six years in the role, Chief Executive Officer Jason Pellegrino will step down as part of a planned leadership transition process.
Mr Pellegrino will continue in his role for the next three to six months to support the succession process while Domain’s board searches for a replacement.
During his tenure, Mr Pellegrino guided the company through significant challenges, including 13 interest rate rises and the COVID-19 pandemic, successfully transforming Domain from a media-led classifieds business into a technology-driven property marketplace.
The Board is deeply grateful for Jason’s contribution over the past six years,” said Domain Chairman Nick 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. We wish him all the best in his future endeavours.”
Matt Stanton, acting Chief Executive Officer of Domain’s major shareholder, Nine Entertainment Co. Holdings Limited, also expressed gratitude for Mr. Pellegrino’s contributions, saying: “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.”
Despite Mr Pellegrino’s achievements, a widening gap remains between how the market values Domain compared to its competitor REA Group, the News Corp-controlled owner of realestate.com.au.
According to the Financial Review, over the past five years, Domain’s value has fallen by 4.7 per cent, while REA’s value has more than doubled.
As of January this year, REA’s market capitalisation has grown by over 23 per cent to $30 billion, whereas Domain has experienced a 9.6 per cent decline to $2 billion over the same period, despite Domain announcing $264 million in acquisitions over the past three years.
Mr Pellegrino said: “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.”
