In February PropertyPortalWatch reported Hamish McLennan’s appointment to the position of Non-Executive Director on the REA Group Board, following Diana Eilert’s abrupt resignation from the Non-Executive Director position.
Today it was announced by the company that, Mr. McLennan has been promoted to Chairman of the REA Group Board of Directors.
Richard Freudenstein previously held the position of Chairman, but due to increasing responsibilities of his new role as CEO of FOXTEL, he is stepping down. Mr. Freudenstein will remain a Non-Executive Director of the REA Group.
Mr Freudenstein steered the Company through a significant period of growth and transformation, during which its market cap increased from around $745 million to $1.8 billion today.
Mr McLennan is Executive VP, Office of the Chairman, at News Corporation and brings experience to the role of Chairman having previously served as Global Chairman and CEO of Young & Rubicam (Y&R), one of the world’s leading advertising networks.
“REA Group is a leading-edge, first class digital business and I’m delighted to be appointed Chairman as we continue to grow the business here in Australia and around the world,” commented Mr McLennan.
Mr. Freudenstein said, “It has been my privilege to lead the Board over the past five years. Today, REA Group is a diversified online media business delivering growth across its residential, commercial, display advertising and international business units. I congratulate Hamish on his appointment as Chairman and look forward to continuing to work with my fellow directors and the executive team to achieve our business goals.”