This article is from the Australian Property Journal archive
LISTED real estate agency McGrath has brought back Geoff Lucas to lead the company as the new CEO.
Lucas was chief operating officer of McGrath for eight years from 2008-2016, working alongside John McGrath, including the transition from private company to the ASX listing. His most recent position was COO of Sonoma Bakery Group.
“I am delighted to welcome Geoff back to the company, as he was instrumental in building McGrath over eight years to 2016 to now have 95 offices and an industry-leading team,” executive director John McGrath said.
“Geoff, myself and the new leadership team will work in harmony and closely to stabilise and return the company to growth in an effort to restore shareholder value,” he added.
Lucas said he was excited to be re-joining the agency.
“The McGrath team has the highest concentration of real estate talent in Australia and I’m excited to again lead a harmonised team to turn McGrath around after a challenging period for the company and the industry.” Lucas said.
Lucas’ appointment comes a week after McGrath appointed Peter Lewis as the new chairman and Andrew Robinson as an independent director, as a part of a new board following the resignation of CEO Cameron Judson, chair Cass O’Connor and the entire board last month.
The swift new appointments are part of McGrath’s strategy to turn the company around following a tumultuous time.
The listed agency posted a $25.5 million loss in the first half year, on the back of a 23% decline in revenue to $51.6 million.
However the loss result was overshadowed by the company entering into a trading halt pending the announcement by founder John McGrath’s that he had a betting account with bookmaker, after initially rubbishing the news reports.
Australian Property Journal
