Domain Share Price Rises on Newly Appointed CEO

Domain Holdings Australia Ltd [ASX:DHG] shares have risen shortly after announcing newly appointed CEO, Jason Pellegrino.

The real estate platform’s share price is currently sitting at $3.22, up 1.6% from the previous trading day.

This morning it was announced that Mr Pellegrino, Google’s managing director of Australia and New Zealand, has jumped ship to become Domain’s Managing Director and Chief Executive Officer, effective as of 27 August, 2018.

Mr Pellegrino joined Google in 2008 and held a range of leadership positions before being appointed Managing Director of Australia and New Zealand.

How did Domain manage to steal Google’s managing director?

Domain is offering a fixed salary of $1.2 million with the opportunity to earn another $960,000 per year in incentives. It’s no wonder Mr Pellegrino jumped ship!

It seems they are taking no chances when it comes to losing Mr Pellegrino. Proposing a bonus of $500,000 if he’s still with the company as of 31 December 2018 and $2 million worth of company shares on the second anniversary of his joining, subject to shareholder approval.

Domain Chairman Nick Falloon said that Mr Pellegrino’s career speaks for itself and that Domain is delighted to have him on board. Further stating:

His leadership acumen and track record for inspiring and driving performance at Google will greatly assist him to take Domain, and its many talented people, into an exciting next stage of growth.

Mr Pellegrino commented on the transition saying that he is…

…delighted to be joining the incredibly talented team at Domain and I can’t wait to be part of the exciting growth journey ahead.

I have always prided myself on supporting the growth of incredibly strong teams and establishing transparent and trusting relationships with partners and customers, something I am looking forward to continuing as I join Domain.


Dannielle Rawlings,
For Money Morning

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