The company announced that Gail Pemberton has immediately resigned from her position as joint managing director and will step down as chairman on 27 February.
Tony Scotton has left the role of interim chief executive and joint managing director and will replace Ms Pemberton as chairman.
Chris Meehan, the current chief operating officer, has been appointed acting chief executive while the board continues searching for a permanent appointee.
Three other directors will leave the board on 27 February: Brian Mitchell, Gabriel Radzyminski and Glenn Poswell.
They will be replaced by Ezidebit founder Michael Dempsey, former Global Television director Daniel Dempsey and Citimark Properties managing director Angus Johnson.
Onthehouse also announced that Michael Dempsey has emerged as a major new shareholder since the company decided in November to conduct a strategic review of the business.
Mr Dempsey’s shareholding gives him 19.2 per cent control of Onthehouse.
Incoming chairman Tony Scotton said a significant amount of work has already been done to determine the strategic options available to the company.
“Final decisions on direction will be taken by the new board once incoming directors have had a chance to review the company’s position,” he said.
Outgoing chairman Gail Pemberton said the new board strikes a good balance between significant shareholder groups and board independence.
“In addition, the new board has a broad range of experience to effectively pursue the strategic options before the company, as well as driving and overseeing more effective execution,” she said.
“We all believe the company has a great opportunity to create compelling value for homeowners, real estate agencies and other media.”