McGrath Limited, whose earnings are suffering in a cooling real estate market, has appointed human resources expert Cameron Judson as joint CEO.
He will work alongside founder John McGrath at the the first in real estate agency to list on the ASX.
The agency floated in December, raising $129.6 million, but has since issued profit warnings after an unforeseen low volume of listings and sales in the first half of April, particularly in the north and north western suburbs of Sydney.
Its shares have taken a hammering and last traded at $1.01, well down on the IPO price of $2.10.
What Cameron Judson lacks in real estate knowledge he makes up for with his business track record. He has a had a successful career with Chandler Macleod Group, Chubb Security and TNT Express.
As CEO of Chandler MacLeod, he led the strategy development, transformation, diversification and growth of the business to create one of the leading human resources services organisations in Australia.
“I’m delighted to be joining John and the McGrath team,” he says.
“I’m looking forward to working alongside this already talented management team to assist them in growing what I believe to be the most exciting real estate brand in Australasia into the future.”
John McGrath says Cameron brings a wealth of professional services industry experience as well as a proven track record as the CEO of a listed, $1.4 billion revenue company.
“We are extremely excited about working together, and drawing on the new perspectives Cameron brings to the company,” he says.
“This appointment will allow me to focus my efforts and energy on my strengths including our people, brand, innovation and growth strategies.
“With decades of successful real estate experience available to him within the existing management team we know this will be an effective combination.”
McGrath now expects to generate a full year revenue in the range of $136 million to $140 million, and EBITDA (earnings before interest, tax, depreciation and amortisation) in the range of $26 million to $27 million.