Patrick Potts, an investment analyst at Martin Currie, which owns more than 5 per cent of Fairfax, indicated they would be happy if the international search settled on Greg Ellis, who as chief executive of REA Group from 2008 to 2014 helped create the leading property website company.
Greg Ellis suggested as Antony Catalano's Domain replacement
Staff reporterDecember 7, 2020
Fairfax Media should turn to the former REA Group head Greg Ellis, investors have suggested.
It follows the shock resignation of Domain Group Australia chief executive Antony Catalano.
Catalano sent shares in both companies plunging on Monday when he resigned, citing family pressures, just two months after Domain floated on the ASX on a separate share market listing from Fairfax, its parent company and majority shareholder.
The Melbourne-based Catalano, who decided the Sydney workload was too great given he has eight children, will have to forgo 4.2 million options issued less than two weeks ago and won't receive a termination payment.
As Domain's largest individual investor, his resignation cut the value of his own stake by 17 per cent to $7 million. Fairfax shares fell 8 per cent on the news to 66¢ with chairman Nick Falloon to step in and run Domain until a new CEO is appointed.
Ellis, who owns a Balwyn home, might not be available because of his current contract with Scout24, a large German real estate and car web sales business he runs.
It is a Frankfurt Stock Exchange-listed online classifieds business.
And this morning a spokesman for the company told Fairfax from Berlin that "Greg Ellis is fully committed to Scout24."
"Irrespective of this he will contribute his expertise to the further development of the Domain Group in his role as a member of their supervisory board."