The McGrath Board: Daniel Petre is out, Nigel Dews is in

William West/AFP/Getty Images

The ASX-listed real estate agent McGrath is revamping its board of directors.

The startup specialist Daniel Petre will be leaving soon to spend more time at his AirTree Ventures which recently expanded funds under management to $300 million.

“I am very sorry to have to leave the McGrath Board, but have to ensure I get back more time to focus on AirTree’s expansion,” he says

He says the real estate industry is facing similar changes to service-based industries globally, driven largely by technology.

Petre helped McGrath find new new board directors, Nigel Dews and Cath Rogers who join at the AGM on November 23.

Dews is an former CEO of Vodafone Hutchison Australia, chief executive of Fairfax Media’s digital business and a consultant at McKinsey & Company’s Sydney, New York and London offices.

Rogers, the investment director at Petre’s AirTree Ventures, has worked for Credit Suisse, the World Bank, Accenture, ABN Amro and Anchorage Capital Partners.

“I look forward to being part of McGrath Limited as it moves into its next phase of growth,” she says.

“By harnessing digital innovation, there is enormous potential to provide even greater value to agents and customers.”

Company founder John McGrath announced in August he was stepping back from the day-to-day running of the business, handing over to CEO Cameron Judson.

The company posted annual results with a 24% lift in profit to $8.36 million on a 41% rise in revenue to $120.95 million.

McGrath floated in December, raising $129.6 million, but then 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.

The company says challenging market conditions are expected to continue in the 2017 financial year.

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