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The REA Group has announced that one of the industry’s highest-profile figures, John McGrath, will step down from the board, effective immediately.
Amid industry speculation that Mr McGrath has resigned for personal reasons as he reduces many of his industry responsibilities, REB was told by his office that he is not available for comment.
REB also contacted REA Group for comment.
In an ASX announcement, REA chairman Hamish McLennan acknowledged Mr McGrath’s service.
“Mr McGrath’s lengthy contribution to the REA Group has been highly regarded by the board,” Mr McLennan said.
“I am particularly grateful for his invaluable industry knowledge. He leaves the group with a multibillion-dollar market capitalisation and we wish him the best of luck.”
Mr McLennan said that Mr McGrath is widely recognised as a preeminent figure in Australia’s real estate industry, and he was awarded the Centenary Medal in 2003 and the Woodrow Weight OBE Award in 2008.
REA Group will now begin to find a new independent director.
Mr McGrath was appointed to the REA Group board in September 1999. He founded McGrath Estate Agents in 1988.
McGrath Estate Agents has been active after a run of below-expectation performances.
Late last year, the company announced plans to remove approximately $5 million of annualised costs from the business at a one‐time restructuring cost of $1.4 million to $1.6 million. It said that most of these savings will be achieved by restructuring the board and executive leadership team.
It has also been busy in deepening its sales footprint around the country.
In December, McGrath recruited Potts Point and Elizabeth Bay specialist Nick Harrington to join its sales team at McGrath Edgecliff.
And just this week, it opened its Coburg/Brunswick office in Melbourne’s trendy inner north.
Mr McGrath reiterated then that Melbourne continues to be an important market for the company.
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