Antony Catalano, the head of property classifieds businesses Domain has resigned for personal reasons.
Fairfax Media listed Domain on the ASX just two months ago, valuing the business at $2.2 billion. Its shares last traded at $3.32.
“I understand and regret that the timing of this decision is unusually short from Domain’s listing,” Catalano said.
Catalano, who has eight children, had been spending too much time in Sydney away from his family in Melbourne.
“When I re-joined Fairfax in November 2013, I made a commitment to my young family that I could be there for them and do the job,” he said in a statement.
“It has become clear to me that doing the job of a listed company CEO the way it needs to be done means that I am not meeting that family commitment.
“As it stands I have been away from home for the bulk of each week and it’s not fair on the family.”
Chairman Nick Falloon will become Executive Chairman while a global search is conducted for a new CEO.
Domain is expected to report digital revenue growth of 22% and total revenue growth of 13% when it reports first-half financial results next month, said Fairfax CEO Greg Hywood.