Greg Ellis has resigned from his position as chief executive officer and managing director of REA Group Limited, owner of realestate.com.au.
According to REA Group, Mr Ellis will be taking up an overseas appointment at a non-competitive organisation. He will remain in the role until a success is appointed and will assist the board in implementing a transition plan.
Appointed to the role in 2008, Mr Ellis was tasked with building and implementing the strategic vision of the group and navigating a crucial period of growth.
He said his proudest achievement was the creation of a collaborative, purpose-led environment that allowed diverse thinkers to focus on a common, consumer and customer-orientated goal.
“I’ve always said it is the people at REA Group that set the company apart from other businesses. This has been the key to the group’s accelerated performance over the past few years, and I am confident we have the right team in place to lead the future growth of the company,” said Mr Ellis.
REA Group chairman Hamish McLennan said that Mr Ellis had led the development of a clear purpose and strategic vision for the group and the business was on track to deliver against this strategy for the New Year.
“On behalf of the board, I would like to thank Greg for his outstanding service to the business. Greg and his team have delivered record results and we believe that our strategy is well-poised to build on our strong market position. We wish Greg the very best of luck with his future endeavours.
“I have full confidence in our leadership team and the talented group of individuals at REA Group, and we look forward to the continued rollout of our strategy in the 2014 financial year and beyond,” said Mr McLennan.
REA Group is now looking for a replacement chief executive officer.
According to Business Spectator, following Mr Ellis’ resignation REA shares fell 8.46 per cent to $37.10 against a benchmark index lift of 0.52 per cent.