- REA CEO Tracey Fellows is going to run all News Corp’s digital real estate assets globally.
- The head of realestate.com.au will move to New York to be President of Global Digital Real Estate.
- She leaves after four years with revenue at REA now more than $800 million.
Tracey Fellows is leaving her role as CEO of online property classified advertising business REA to become President of Global Digital Real Estate at News Corp, based in New York.
Fellows, a former Managing Director of Microsoft Australia, will be responsible for driving strategy and growth across all of News Corp’s digital real estate interests.
These include Move Inc, the operator of realtor.com, the majority ownership of REA Group, which includes iProperty in Asia, and the company’s fast-expanding interests in India including PropTiger and Housing.com.
In the five years to 2018, News Corp’s digital real estate revenues have more than tripled, generating more than $US1.1 billion last financial year.
“It has been an absolute privilege working with the team and the Board at REA,” she says.
“It’s one of the exciting things about the opportunity; it allows me to take on a new challenge while continuing to work alongside these incredible people — all in an industry I am so passionate about. I feel very fortunate. There could not be a more exciting time for a role like this.”
She is leaving, after four years, at a high point in the Australian online classified business which includes realestate.com.au.
REA, majority owned by News Corp, in August posted a 23% increase in full year profit of $279.9 million, despite falling in listings in Sydney, the biggest market.
Revenue was 20% higher at $807.7 million, driven by a 21% increase in the Australian business mainly due to a strong performance in residential housing and the inclusion of home loans sales.
Robert Thomson, CEO of News Corp, says Fellows has driven the rapid expansion of the digital real estate business in Australia and Asia.
“We believe her leadership internationally will ensure that all of our digital property companies realise their extraordinary potential,” he says.
“She is an inspiring leader who is able to bring out the best in teams and in individuals.
“Audiences, revenue and profits at REA Group have all expanded significantly during Tracey’s tenure as CEO.
“She has been an irrepressible innovator and has led the company into intelligent adjacencies, such as financial services and property data, which have broadened the revenue base and built a platform for future growth.
“We are keen to capitalise on our sterling success in digital real estate by driving even faster growth in our existing businesses, such as realtor.com.”
Fellows leaves at end in January 2019 but she will stay on its Board of directors on behalf of News Corp.
Her replacement hasn’t been announced.