Another Nine boss stands down

BY Nathan Jolly

October 23, 2024 11:07

Domain CEO Jason Pellegrino has announced he will step down from the top role at the real estate site after six years.

Pellegrino will continue as chief and managing director for between three and six months “to support the succession process”, as the hunt for a replacement is carried out.

“This staged and orderly exit will allow the board to assess its requirements and evaluate candidates to lead the company going forward,” Domain said in a statement on Wednesday.

Domain chair Nick Falloon praised Pellegrino’s vision 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. 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,” he said.

“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.”

Domain reported a 13% revenue increase for FY24, to $391 million, with the division’s net profit up 28% at $49 million. Despite these robust numbers, they fell short of rival REA Group, who posted a 23% revenue jump, to $1.453 billion during the 2023–24 financial year, with net profit of $461 million.

Nine’s acting CEO Matt Stanton said: “Having worked closely with Jason over the last two years, I want to thank him for his partnership and leadership of the Domain business.

“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 said: “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.

“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.”

The news comes less than a week after Domain chief marketing officer Rebecca Darley announced she will depart the company in December to become the new CMO of TPG Telecom.