The market reacted cautiously to the news that Fairfax Media’s property website offshoot, Domain Holdings, had found a new CEO to replace the foundation boss, Antony Catalano quit in January, citing ‘family reasons’. He has since gone back into the real estate listings game.
Domain shares dipped 0.6% to $3.15 but Fairfax Media shares went the other way, rising 1.3% to 75 cents.
Domain’s new CEO Google’s Australian and New Zealand managing director Jason Pellegrino who will join on August 27 and, if he is still in the job on December 31, will pocket $500,000 in cash.
Mr Pellegrino will receive fixed remuneration of $1.2 million a year and get Domain shares worth $2 million on the second anniversary of his joining, subject to shareholder approval.
On top of that, Mr Pellegrino could pick up $960,000 per year in short-term incentives plus long-term stock incentives. He had been with Google since 2008 when he joined as the head of strategy and sales operations. He held several roles with Google before being appointed managing director for Australia and NZ in May 2016.
Prior to joining Google, he worked in several roles over 15 years spanning corporate strategy, mergers and acquisitions and finance at Dakota Capital Partners, LEK Consulting, PepsiCo International and KPMG.
Chairman Nick Falloon had been handling chief executive duties at Domain after Mr Catalano surprisingly quit in January. Mr Catalano quit two months after Domain’s November listing and subsequently joined media buyer Tomorrow Agency – a Domain client – as an executive director.
