Tracey Fellows to leave REA Group for global News Corp role

Online property listing group REA is looking for a new CEO, with Tracey Fellows to take on a new role with News Corp.

REA Group CEO Tracey Fellows. Pic: Aaron Francis

Australia’s biggest online property listing group REA Group is on the hunt for a new chief executive to replace Tracey Fellows, who is moving to News Corp to run its global digital real estate operations.

Ms Fellows will step down in January after four years at the helm of REA, but will remain on its board on behalf of its biggest shareholder News Corp, which has 61.6 per stake.

News Corp chief executive Robert Thomson praised Ms Fellows for her work at REA, which has delivered solid earnings and revenue growth under her leadership.

“Audiences, revenue and profits at REA Group have all expanded significantly during Tracey’s tenure as CEO,” said Mr Thomson, who called Ms Fellows “an irrepressible innovator”.

“Tracey has driven the rapid expansion of the digital real estate business in Australia and Asia and we believe her leadership internationally will ensure that all of our digital property companies realise their extraordinary potential.”

REA (REA) chair Hamish McLennan said REA had “seen exceptional transformation and growth” under Ms Fellows.

REA, which has a market capitalisation of $10 billion, last week booked a 23 per cent jump in underlying earnings to $130.9 million in the first quarter of the 2019 financial year, driven by a 17 per rise in revenue to $221.9 million.

The performance was driven by its Australian residential business and the performance of its recently acquired Hometrack Australia and Smartline businesses.

At the same time, REA warned that market conditions were “not expected to improve in the short term”, with the company warning that listings may be weaker in the lead up to the NSW election in March, while the impact of a federal election was “harder to predict”.

REA’s primary rival in Australia is the ASX-listed Domain, which recently got a new CEO, Google’s local boss Jason Pellegrino, following the surprise resignation of Antony Catalano in January for family reasons.

Domain’s biggest shareholder is Fairfax Media, which holds a 59.4 per cent stake and is set to merge soon with free-to-air television broadcaster Nine Entertainment.

At News Corp in New York, Ms Fellows will take on the role of president of its digital real estate division, “responsible for driving strategy and growth”.

Ms Fellows said she was excited about a new opportunity in an industry she felt passionate about. “There could not be a more exciting time for a role like this,” she said.

REA shares were up 1.1 per cent at $76.40 in early trade, with Domain up 1.3 per cent to $2.38.

News Corp also publishes The Australian.