McGrath Limited (ASX:MEA) appoints founder John McGrath as Managing Director and CEO

• McGrath Limited (MEA) appoints its founder John McGrath to the role of Managing Director and Chief Executive Officer
• Mr McGrath took McGrath Estate Agents from a lounge room start-up in 1988 to grow to be listed on the ASX in November 2015
• He is considered one of the most influential figures in the Australian property industry
• McGrath Estate Agents has 108 offices throughout the east coast of Australia
• McGrath shares were down 2.04 per cent, trading at 48 cents

McGrath Limited (MEA) has appointed its founder, John McGrath, to the role of Managing Director and Chief Executive Officer, effective 8 April.

McGrath Chair Peter Lewis said: “After much consideration, the board believes John is the ideal choice to successfully lead McGrath into its next growth phase with continued earnings for the group.

“John’s passion for the business and understanding of the real estate industry is unparalleled. His vision and commitment to excellence in marketing, technology, customer service and transparency.

“We also wish to thank Eddie Law who has sagely guided McGrath during some challenging times, while also finalising two important business transactions and revenue streams. These include a partial sell-down of the Oxygen Home Loan business and the $6.5 million investment in the digital start-up, Honey Insurance.”

John McGrath is considered one of the most influential figures in the Australian property industry.

As founder and Executive Director of McGrath Limited, he took McGrath Estate Agents from a lounge room start-up in 1988 to one of Australia’s most successful residential real estate groups, listing on the ASX in November 2015.

In October 2008, Mr McGrath was honoured by the Real Estate Institute of NSW with the Woodrow Weight OBE Award, a lifetime achievement award for his outstanding contribution to the real estate industry.

He was the founding director of the REA Group and served on its board from 1999 to January 2018, serving as Chairman from 2003 to 2007.

Mr McGrath said: “I have never been more excited about our business. We have an extraordinary platform and team to continue our path towards being the country’s best residential real estate company.”

Founded in 1988, McGrath Limited has become one of Australia’s biggest residential real estate groups.

It is an integrated real estate services business, a total solution company offering agency sales, property management, mortgage broking and career training services. It has 108 offices along the east coast of Australia.

McGrath shares were down 2.04 per cent, trading at 48 cents at 12.47 pm AEST.