Appointment of Ms Tracey Fellows as Chief Executive Officer
A proven leader with extensive experience in technology, sales and marketing, Tracey most recently held the position as Executive General Manager of Communication Management Services at Australia Post.
Previously Tracey was Microsoft Vice-President for the Asia-Pacific region based in Singapore, overseeing sales, services, and marketing for 12 countries in the region. Tracey was Managing Director of Microsoft in Australia and New Zealand from 2007-2010, and held the role of Microsoft Australia Chief Operating Officer from 2004-2007.
REA Group Chairman Mr Hamish McLennan said that the search for a new CEO was extensive and Tracey's skills and experience stood out in a field of exceptional local and international talent.
"We believe that Tracey is the perfect fit for the Company and we look forward to seeing her apply her leadership experience as we navigate through the next evolution of our business," said Hamish.
Tracey said that the prospect of leading one of Australia's most successful digital businesses was a unique opportunity.
"I'm delighted to have the chance to work with the team at REA Group. The Company's success in the digital arena is unrivalled and I look forward to contributing to the further growth and development of the business both domestically and internationally," said Tracey.
Tracey will replace Interim CEO Mr Peter Tonagh who has held the role since 17 March 2014 while the Company conducted a global recruitment search for a successor to previous CEO Mr Greg Ellis.
Tracey will commence at REA Group during September 2014. Peter will continue in the role of Interim CEO until this time.
A summary of the key terms of the employment agreement appointing Ms Tracey Fellows is shown below.
Ms Fellows is appointed on an ongoing basis, subject to nine months' notice of termination by REA or Ms Fellows.
REA may terminate without notice in certain circumstances including serious misconduct or negligence in the performance of duties. Ms Fellows may terminate immediately in the case of fundamental change to her role (i.e. there is a substantial diminution of her responsibilities).
Total fixed remuneration:
Ms Fellows is entitled to fixed remuneration of $900,000 per annum (inclusive of superannuation), reviewed annually from July 2015 onwards.
Short term incentive:
Ms Fellows is eligible to participate in REA's short term incentive plan, with a target opportunity of $450,000 dependent on a mix of group financial and personal performance objectives.
Long term incentive:
Ms Fellows is eligible to participate in REA's long term incentive (LTI) plan, subject to any required or appropriate shareholder approvals. The initial LTI grant will be in the form of performance rights over REA ordinary shares, to the value of $450,000, with the number of performance rights granted to be determined in accordance with the relevant terms of theLTI plan. Vesting of the performance rights will be subject to the achievement of performance hurdles. It is intended that Ms Fellows' LTI will be granted on terms similar to those applicable to other senior executives of REA.
Sign on bonus:
Ms Fellows will be paid a sign on bonus of $500,000 (net of applicable tax and inclusive of superannuation). However, if Ms Fellows resigns within 18 months of her commencement date or if her employment is terminated by the Company for cause within 12 months of her commencement date, she is required to repay the sign on bonus (less the amount of taxation withheld from the amount initially paid to her)
To view the release, please visit:
About REA Group Limited
REA Group Limited, formerly realestate.com.au Limited, is engaged in the provision of online advertising services. It provides online advertising of residential properties for sale and rent in multiple countries; online advertising of commercial properties for sale and lease in multiple countries; provision of online display advertising space for advertisers in various industries; provision of Website development services to the real estate industry; software licensing of estate agent back office solutions; print publications to advertise properties for sale and rent in multiple countries, and other services, such as training services through the REA Knowledge Network or data services. As of June 30, 2008, the Company operates 21 Websites in ten countries. On March 3, 2008, it acquired 51% of REA Group FZ LLC, Dubai. On April 9, 2008, through its 50%-owned subsidiary, REA UK Limited, it acquired Sherlock Publications Limited. On July 8, 2008, it acquired UK Property Shop Limited.
REA Group Limited