Former Domain chief executive Antony Catalano has taken up a leadership role at the real estate advertiser’s biggest client, as the search for his replacement at Domain continues.
Mr Catalano quit as chief executive of Domain in January, just two months after it listed on the ASX, as the demands of his role and absence from his family – including his eight children – proved more challenging than he had expected.
He will start as an executive director at media buyer Tomorrow Agency in July, and has also purchased a stake in the company, which provides advertising programs for property developers and buys media placement with advertising channels such as Domain and REA Group’s realestate.com.au.
The move comes after Domain executive chairman Nick Falloon in February insisted the newly listed real estate advertiser was in “great shape” despite the absence of a chief executive and an 8.1 per cent drop in half-year profit.
Mr Falloon stepped in to run Domain after Mr Catalano’s surprise departure, which triggered a 17 per cent fall for the company’s shares on the day it was announced.
In a statement from Tomorrow, Mr Catalano described his new role as “coming home”.
“Property is in my blood and I love nothing better than helping developers, marketers and agents grow value in their businesses,” he said.
“I am also looking forward to continuing my involvement with Domain via this role as its largest client.”
Mr Catalano was chief executive of Domain for four years before the business was spun off from Fairfax Media into a separately listed company valued at more than $2.2 billion.
The constant travel from his home town of Melbourne to Domain’s offices in Sydney was a key factor in his decision to stand down.
“My job was done and the time had come,” he said on Wednesday.
“At this stage in my life I didn’t want it to be the only thing in my life.”
Mr Catalano said he was aware of the job at Tomorrow through his close association with the company in recent years, and knew the role was available “if ever the time was right”.
His new role, which Mr Catalano says will not be a Monday-to-Friday job, will involve expanding the business into the Sydney market, and increasing its client base.