Domain appoints Google's Jason Pellegrino as new CEO
Domain has appointed Jason Pellegrino, the managing director Australia and New Zealand at Google, to its vacant CEO position.
Earlier this year former CEO Anthony Catalano stepped down from the top job citing family concerns.
Pellegrino had been in his current role at Google since May 2016 when he replace Maile Carnegie, who quit as managing director to join ANZ bank.
Pellegrino's background is a range of sales leadership positions in Google, which he joined in 2008.
He lives in Sydney and has four children.
Domain wrote in early 2016 that Pellegrino and wife, Helen upgraded from Kensington to a heritage-listed Bellevue Hill residence, Inverinate which cost $5.75 million.
The Georgian-style property had been on and off the market for about five years before it was sold by Raine & Horne Double Bay agent Martin Maskin.
His 1919 Kensington house sold at $2,625,000 through Phillips Pantzer Donnelley agent Jason Pantzer.
Domain chairman Nick Falloon said they are delighted to have Jason Pellegrino on board.
"Jason’s career as a digital executive with deep experience in sales, strategy, operations and product and technology speaks for itself," Falloon said.
"His leadership acumen and track record for inspiring and driving performance at Google will greatly assist him to take Domain, and its many talented people, into an exciting next stage of growth.”
Pellegrino joined Google in 2008 and held a range of leadership positions before being appointed Managing Director Australia and New Zealand.
He has been the managing director of Asia-Pacific sales operations and strategy; sales director, Australia; and head of sales and operations and strategy for Google’s Australia & New Zealand business.
Prior to joining Google, Pellegrino worked in several roles over 15 years spanning corporate strategy, mergers and acquisitions and finance at Dakota Capital Partners, LEK Consulting, PepsiCo International and KPMG in the mid 1990s.
He holds a Bachelor of Commerce degree from the University of Wollongong and an MBA from London Business School.
“I am delighted to be joining the incredibly talented team at Domain and I can’t wait to be part of the exciting growth journey ahead," Pellegrino said.
"I have spent close to a decade with Google and consider myself enormously lucky to have worked with fantastic colleagues, partners and customers, dealing with the rapid shift in technology, from desktop, to smartphone and now the AI powered world ahead.
"Throughout this time, I have always prided myself on supporting the growth of incredibly strong teams and establishing transparent and trusting relationships with partners and customers, something I am looking forward to continuing as I join Domain.”
The Domain Board ran a global search for the role attracting a strong field of international and local candidates.
Falloon will continue as Domain’s interim executive chairman until Jason joins Domain, after which time he will resume his role as non-executive chairman.
Pellegrino will be paid fixed remuneration, including superannuation, of $1.2 million.
Domain offered its new chief executive a $500,000 cash bonus payable December 31, and issued, subject to shareholder approval, shares worth $2 million which will vest after two years of employment.
He will be eligible to receive short-term incentives based on financial and performance metrics worth between $720,000 with a maximum of $960,000, the company announcement said.
He will also be eligible for annual allocation of options equivalent to 120 per cent in value of his fixed remuneration, which will vest over a three-year period based on total shareholder return.
Domain shares are trading at $3.13 today, having been at $3.32 before Catalano's departure and at $3.80 on its late 2017 float.
Tony Boyd's Chanticleer column in the Fairfax-published Australian Financial Review noted since listing on the ASX as a separate company last December, Domain has under-performed the S&P/ASX 200 by 21 per cent. Its main rival REA has outperformed the index by 11.6 per cent.
Catalano was on a base salary of $1.2 million with short-term incentives worth $960,000.
He lost eligiblity for a one-off allocation of long-term incentive options worth $5 million.