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Staff Reporter
REA Group has appointed News Corporation executive Hamish McLennan as its new chairman.
Mr McLennan succeeds Richard Freudenstein who is stepping down after five years as chairman due to the increased responsibilities of his new role as CEO of FOXTEL, REA Group said in a statement.
He will remain a non-executive director of REA Group.
According to REA Group, Mr Freudenstein steered the company through a significant period of growth and transformation, during which its market cap increased from around $745 million to $1.8 billion today.
Mr McLennan joined the REA Group Board as a non-executive director in February 2012. He is executive vice president, office of the chairman, at News Corporation, has previously served as global chairman and CEO of Young & Rubicam (Y&R).
“REA Group is a leading-edge, first class digital business and I'm delighted to be appointed chairman as we continue to grow the business here in Australia and around the world,” Mr McLennan said.
Mr Freudenstein said that although he has stepped down as chairman, he will remain an active member of the REA Group board.
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