Domain’s shares have plummeted following the surprise resignation of its chief executive Antony Catalano less than four months after the real estate classifieds business listed on the Australian Securities Exchange.
Domain’s shares closed 57 cents, or 17.2 per cent, lower at $2.75 – a decline of more than a quarter since the company’s $3.80 listing in November.
In a statement to the ASX, Domain said Mr Catalano had decided to step down from his position as the job prevented him from being with his family.
Mr Catalano says that while he regrets the timing, the job required a relocation to Sydney – something he says he wouldn’t ask his family to do.
“I made a commitment to my young family that I could be there for them and do the job,” Mr Catalano 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.”
Chairman Nick Falloon said Mr Catalano had informed the board over the Christmas break that the demands of his role and his absence from the lives of his family were more challenging than he had expected.
Mr Catalano, who has been the chief executive of Domain for four years, said he had been away from home “for the bulk of each week”.
“It’s not fair on the family,” he said adding that he was grateful for the opportunities at Domain.
“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,” he said.
“I wish the Fairfax Group of companies and my colleagues and friends great success in the future.”
Domain’s leadership team will report to chairman Nick Falloon during a domestic and international search for a new chief executive.