Domain Holdings Australia Ltd (ASX: DHG) shares fell on Monday morning following the departure of long-running CEO, Antony Catalano.
Domain Holdings is Australia’s second-largest real estate portal, behind REA Group Limited (ASX: REA), which owns realestate.com.au.
Domain Holdings was privately held by Fairfax Media Limited (ASX: FXJ), Australia’s leading news business, until last year when Domain became its own ASX-listed entity.
Mr Catalano led Domain Holdings as CEO for four years, having worked for Domain and Fairfax for 26 years.
“Antony informed the Board that over the Christmas break he had realised that the demands of his role and his absence from the lives of his family were proving more challenging than he had expected and he had decided to put his family first,” Chairman Nick Falloon said.
Mr Falloon said the board of Domain Holdings has commenced a local and global search for Mr Catalano’s replacement. Mr Falloon will act as CEO until the search is complete.
“When I re-joined Fairfax in November 2013, I made a commitment to my young family that I could be there for them and do the job,” Mr Catalano said. “It has become clear to me that doing the job of a listed company CEO the way it needs to be done means that I am not meeting that family commitment. It was also becoming apparent that I needed to relocate to Sydney and that was something.”
“I understand and regret that the timing of this decision is unusually short from Domain’s listing”, he added.
Despite the departure, Mr Catalano said Domain Holdings is well placed as its life as a public company rolls on. “I resign knowing that Domain has a great management team in place and I have every confidence in them and the business continuing on its current stunning trajectory.”
Pleasingly, Domain reaffirmed its prior 2018 financial guidance. Digital revenue growth is tipped at 22% while overall revenue growth is forecast at 13% compared to last year.
At midday, Domain Holdings shares were trading down 11% at $2.95.
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