This was published 5 years ago
Greg Ellis the new MYOB boss as Tim Reed steps down
By Emma Koehn
Tim Reed will step down as chief executive of small business accounting provider MYOB, handing the reins to former REA Group boss Greg Ellis.
The move comes three months after MYOB was acquired by private equity firm KKR in a $1.6 billion deal.
Tim Reed will step down as the head of MYOB. Credit: Peter Braig
In a statement, Mr Reed said the company was at an "inflection point" for a change in leadership. He will stay on in an advisory role with MYOB.
"I remain a committed investor and look forward to seeing the business reach new heights in the years ahead," he said.
Mr Reed's stake in the company post-takeover is not known.
From 2014 to 2018 Greg Ellis was chief exectutive of Scout24, a DAX-listed company that operated German real estate and auto listings, and chief executive of REA Group between 2008 and 2014.
Incoming MYOB chief executive Greg Ellis was previously boss of REA Group and German real estate listings company Scout24. Credit: Lousie Kennerley
Head of KKR Australia Scott Bookmyer said Mr Ellis was one of the "most accomplished
Australian executives in the industry and has distinguished himself with an extensive track
record of building high growth technology companies".
Mr Ellis will start in the role on September 16.
MYOB was de-listed from the ASX in May as a result of the KKR takeover. The deal was reluctantly accepted by key investors including second-largest holder Manikay Partners, who believed the takeover deal undervalued the company.