REA Group Limited (ASX: REA) today made an announcement that Tracey Fellows who earlier played the role as the Chief Executive Officer from January 2019 will now be playing the role of the President of Global Digital Real Estate, News Corp, based in New York. In this role, she will be responsible for driving strategy as well as the growth across all of News Corp’s digital real estate.
The chief executive officer of New Corp, Mr. Robert Thomson appreciates the leadership quality of Tracey Fellows who helped the organization to drive the rapid expansion of real estate business in Asia and Australia. He is very positive about Tracey’s potential that she will ensure all the digital property companies of REA group will achieve extraordinary potential. He also says that Tracey’s leadership qualities will be able to derive best out of the teams as well as the individuals.
He also highlights the audiences about the revenue and profits of the REA Group which expanded significantly under the leadership of Tracey when she was playing the role of CEO. She was an aggressive innovator who made the company to reach the level of intelligence in fields of financial services and property data. This has not only broadened the revenue base but has also set a platform for the future growth of the company.
Now the company is looking forward to taking advantage of the digital real estate by driving the existing business of the company such as realtor.com at a much faster rate. The CEO also highlights the other leader Ryan O’Hara and his team’s successful transformation of the business, and their capabilities in deriving new investment opportunities. Tracey is considered to be a perfect person who is potential to deliver the requirements of both i.e. the company as well as the investors.
The chairman of the REA Group Board of Directors, Hamish McLennan stated that Rea Group has come across exceptional transformation since Tracey took control in 2014. She possesses the quality of connecting the power of people, technology and data. She has built a foundation based on strong culture as well as operations which is necessary to drive the future growth of the company. He on behalf of the board of the company expresses the gratitude towards Tracey for all the efforts which she had put for the company’s growth and also wished her good luck in her upcoming role. He also expresses his interest to continue working with her in future as well.
On the other hand, Tracey also feels privileged to work with the company and the team at Rea. She is also very excited about the new upcoming opportunity. She feels that she is lucky enough to work with incredible people at Rea.
She will be leading the position of CEO until the end of January 2019 and will remain a part of the board of News Corp. She will also be taking care of the successful transition of the new CEO.
As per the plans of the board of directors, Resolution 5 will be withdrawn from the Notice of 2018 Annual General Meeting. Resolution 5 relates to the grant of performance rights under long-term incentive plan of Rea which was given to Ms. Tracey Fellows.
Since morning the market price of the share is up by 1.099% and trading at A$76.37 with the market capitalization of A$9.95 million and PE ration 39.36x.
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