REA Group CEO Greg Ellis has resigned from the company to take up a new job overseas.
A company spokesperson would not disclose details of his new appointment, stating only that it was at an organisation that “is not a competitor to REA”.
Ellis has been CEO and MD of the ASX-listed online real estate listing company since 2008. He was previously Microsoft’s marketing director for Asia.
REA Group’s share price has grown by 700% during Ellis’ five years at the helm, to close at $40.53 yesterday.
Ellis was paid a total of $1.7 million in the most recent financial year, with performance bonuses accounting for the increase from $1.25 million the year prior.
REA Group said today that it would begin looking for a replacement and that Ellis would remain in his role until a successor was appointed.
Shares opened down 6.3% at $37.98 after the announcement.
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