Domain chief executive officer Antony Catalano has announced his resignation not three months after the company listed on the share market.
Mr Catalano cited family reasons as being behind the departure.
“When I re-joined Fairfax in November 2013, I made a commitment to my young family that I could be there for them and do the job,” he said in a statement.
“It has become clear to me that doing the job of a listed company CEO the way it needs to be done means that I am not meeting that family commitment. It was also becoming apparent that I needed to relocate to Sydney and that was something I wouldn’t ask my family to do because schooling and family requirements would see young family members living in different cities. As it stands I have been away from home for the bulk of each week and it’s not fair on the family.”
Domain chairman Nick Falloon will act as executive chairman, with a domestic and international search for a new CEO already underway.
Mr Falloon said Mr Catalano told the board about his resignation over the Christmas break.
In a trading update Domain said it would report financial year 2018 first-half results on February 19 but based on preliminary, unaudited pro forma results, predicted a digital revenue growth of 22 per cent against the same period last year and total revenue growth of 13 per cent.
Mr Catalano said he realised the timing of his resignation was unusually short following Domain’s listing on the share market in November.
At 12.45pm Domain shares were 11.29 per cent down at $2.94.
“Having been in the role for four years, I resign knowing that Domain has a great management team in place and I have every confidence in them and the business continuing on its current stunning trajectory,” Mr Catalano said.
“Having worked with Fairfax Media and Domain for more than 26 years, I am proud of what has been achieved, most importantly seeing Domain grow into the formidable business that it is today, capable of being a stand-alone listed entity.”