Briefing
Executive Move
More news: REA Group shares lifted in morning trade after the real estate platform appointed former CAR Group boss Cameron McIntyre as its new chief executive.
REA shares were up 2.8% to $257.31 at 11:55am AEST, having returned around 20% over the last 12 months.
The news: Former CAR Group managing director and CEO Cameron McIntyre has been appointed to the top job at real estate platform business REA Group.
McIntyre’s status as a leading external contender for the REA role was first reported by Capital Brief.
The context: McIntyre will begin his time as REA Group’s CEO on 3 November, replacing Owen Wilson who announced in February that he was retiring from full-time executive roles after 11 years at REA Group and 6 years as CEO.
When Wilson finishes up as CEO on 31 October, he will commence as chair of REA India.
McIntyre left CAR Group on 15 August after spending nine years at the helm of the business. He first joined the company in 2007, spending time as chief financial officer, company secretary and chief operating officer.
REA Group flagged in its announcement to the exchange that under McIntyre’s leadership, CAR Group grew “six times larger while delivering excellent shareholder returns”.
What they said: “[McIntyre’s] proven calibre and unique experience, including a deep understanding of, and success in, a business that has much in common with REA, make him the ideal person to build on REA’s strong momentum and lead its next phase of growth,” REA group chair Hamish McLennan said.
The source: ASX
By Brandon How
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