Bassat keeps hand on the wheel as Seek shakes up structure

A new investment arm will see Seek chief Andrew Bassat play a bigger role in picking the firm’s next investment play.

Seek chief executive Andrew Bassat. (Stuart McEvoy/The Australian)

Seek chief executive Andrew Bassat is set to play a more hands-on role in picking the next big investment target for the online jobs heavyweight through its new investment arm.

The company on Monday announced an organisational restructure which will see Seek consolidate its existing business units under one umbrella and set up the Seek Investments unit which will look after Seek’s lucrative Chinese subsidiary Zhaopin.

The investment arm will be led by Seek’s (SEK) corporate development director Ronnie Fink and the managing director of Seek’s international operations Isar Mazer. Mr Mazer is also the lead executive of Seek’s Australian education joint venture, Online Education Services.

Mr Bassat said that he will also be actively involved in the investment unit and the restructure should allow the company to better manage its operational and investment activity.

“I will also be spending a significant amount of time in this area,” he said in a statement on Monday.

“Seek has a strong track record of creating value via its investment or entrepreneurial activities, in our history we have been most successful when we have placed greater focus and resources on these activities.”

“These changes will enable Seek to make investments that add value to the group in employment, education and the broader Human Capital Management market.”

Meanwhile, Seek ANZ managing director, Michael Ilczynski, will run the consolidated Asia Pacific & Americas (AP&A) business, which will be made up of Seek ANZ, Seek Asia, Brasil Online, OCC and aligned early stage ventures

Suresh Thiru, Eduardo Thuler and Ricardo Rodarte (the respective heads of Seek Asia, Brasil Online and OCC) will also remain in key executive roles.

Bringing all the units under one umbrella should help Seek bring new products to market quicker and Mr Bassat said that the move should boost its international prospects.

“Under Michael’s strong leadership the ANZ team has performed superbly with strong operational performance and record financial results,” he said in a statement.

“Seek ANZ has seen the strategic and financial benefits of evolving its business, we are confident the changes announced today can help us accelerate the evolution of our international businesses.”

“If we execute well, we are confident that our international businesses can replicate the success that we have had in Seek ANZ,” he added.