LJ Hooker hires ex-Aussie CEO Stephen Porges

LJ Hooker hires ex-Aussie CEO Stephen Porges
LJ Hooker hires ex-Aussie CEO Stephen Porges

Former Aussie Home Loans CEO Stephen Porges is working with real estate group LJ Hooker.

His appearances has fuelled speculation he could become the group's next chief executive following the recent departure of Grant Harrod.

But a spokeswoman for LJ Hooker only confirmed Porges was there in an advisory role.

"Regarding [our next] CEO, we're working with advisor MitchelLake which is running a comprehensive global search," she told the Australian Financial Review.

He was "doing a few months consulting work" for LJ Hooker advising LJ Hooker on "the next stage" of its growth cycle.

Mr Porges spent around five years as CEO of Aussie between 2008 and 2013 leading the mortgage broker and non-bank lender through the global financial crisis and its virtual takeover by the Commonwealth Bank, which increased its stake in the John Symond-founded business to 80 per cent in December 2012.

Harrod joined LJ Hooker in 2014 and left whhen the float was abandoned because his corporate skills were not going to be utilised.

Formed by Sir Leslie Hooker in 1928 and still part owned by grandson Janusz Hooker, LJ Hooker scrapped its IPO as real estate franchise businesses came under pressure from a deterioration in property listings and the threat of technologies.

Earlier this year LJ Hooker launched DIY home selling start-up Settl as part of its plans to tap into the growing share of vendors who don't want to pay estate agent commissions.

Disruptors like Purplebricks, buyMyplace and forsalebyowner are all growing their share of the market.

Tags: 
Aussie Home Loans Stephen Porges

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