Tracey Fellows, chief executive of REA Group, is stepping down from the role to take on a new position as the head of digital real estate for News Corp.
Ms Fellows will leave the company in January 2019 but will remain on the board as News Corp’s representative. News Corp majority own REA.
Ms Fellows was appointed CEO in 2014 and was previously president of Asia Pacific for Microsoft Australia.
In a statement to the ASX, News Corp CEO Robert Thomson said: “Tracey has driven the rapid expansion of the digital real estate business in Australia and Asia and we believe her leadership internationally will ensure that all of our digital property companies realise their extraordinary potential. She is an inspiring leader who is able to bring out the best in teams and in individuals.
“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, where Ryan O’Hara and his team have successfully transformed the business, and in seeking out new investment opportunities. Tracey is the perfect person to deliver on both of those imperatives for our company and our investors.”
Ms Fellows will be moving to New York to take on the new role and a replacement is being sought by the board.
REA is 61.6 per cent owned by News Corp. REA also owns 20 per cent of US-based real estate classified business Move, the company behind Realtor.com. The other 80 per cent is owned by News Corp.
Ms Fellows said working with REA has been an “absolute privlege”. She went on to say she was excited about the new opportunity and that it was an “exciting time for a role like this”.
Chairman of the REA Group board of directors Hamish Mclennan said: “REA Group has seen exceptional transformation and growth since Tracey took the helm in 2004. She has the extraordinary ability to harness the power of people, technology and data and has built strong cultural and operational foundations that will drive our growth into the future.
“The board and I are enormously grateful to Tracey for all she has done and wish her every success in her exciting new role and look forward to continuing to work with her.”