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The ASX-listed network has appointed the company’s founder to once again lead the business as chief executive and managing director.
Mr McGrath’s appointment comes on the heels of the announcement of the departure of current CEO Eddie Law, who tendered his resignation at the beginning of February. Mr Law served in the role since taking over from Geoff Lucas in August 2020, who himself had been in the role for just over two years.
McGrath chair Peter Lewis said the board had put a substantial amount of consideration into the search for a new CEO and felt that Mr McGrath was “the ideal choice to successfully lead McGrath into its next growth phase with continued earnings for the group”.
“John’s passion for the business and understanding of the real estate industry is unparalleled, as is his vision and commitment to excellence in marketing, technology, customer service and transparency,” Mr Lewis said.
On his part, Mr McGrath said he had never been more excited about the business.
“We have an extraordinary platform and team to continue our path towards being the best residential real estate company in the country,” Mr McGrath said.
“With unparalleled talent and our upcoming technology advancements, I could not be more enthusiastic about our future. My plan is to continue to grow our agent productivity within our current footprint and also expand our office numbers across the east coast,” he added.
Mr Lewis thanked outgoing CEO Mr Law for his contribution to the company.
“We also wish to thank Eddie Law who has sagely guided McGrath during some challenging times, while also finalising two important business transactions and revenue streams. These include a partial sell-down of the Oxygen Home Loan business and the $6.5 million investment in the digital start-up, Honey Insurance,” Mr Lewis noted.
The company has just embarked on a 12-month share buyback program, allocating $2.5 million for the reinvestment.
ABOUT THE AUTHOR
Juliet Helmke
Based in Sydney, Juliet Helmke has a broad range of reporting and editorial experience across the areas of business, technology, entertainment and the arts. She was formerly Senior Editor at The New York Observer.
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