Now it’s happened again… News Corp majority owned REA has lost its CEO Tracey Fellows.
News Corp has announced the promotion of Fellows to president, Global Digital Real Estate, in a sign of the company’s increasing commitment to the sector, which it noted last week is rapidly growing in both revenues and profits.
Fellows, currently the chief executive officer of REA Group, will oversee all of News Corp’s digital real estate interests. These include Move, Inc., the operator of realtor.com, the majority ownership of REA Group, which includes iProperty in Asia, and the company’s fast-expanding interests in India, which include PropTiger and Housing.com.
“Tracey has driven the rapid expansion of the digital real estate business in Australia and Asia and we believe her leadership internationally will ensure that all of our digital property companies realise their extraordinary potential. She is an inspiring leader who is able to bring out the best in teams and in individuals,” said Robert Thomson, chief executive of News Corp.
“Audiences, revenue and profits at REA Group have all expanded significantly during Tracey’s tenure as CEO. She has been an irrepressible innovator and has led the company into intelligent adjacencies, such as financial services and property data, which have broadened the revenue base and built a platform for future growth.
“We are keen to capitalise on our sterling success in digital real estate by driving even faster growth in our existing businesses, such as realtor.com, where Ryan O’Hara and his team have successfully transformed the business, and in seeking out new investment opportunities. Tracey is the perfect person to deliver on both of those imperatives for our company and our investors.”
Fellows will be based in New York at News Corp headquarters from January 2019, and divide her time among the company’s digital real estate assets, all of which have shown significant rates of growth. She will continue to be involved in REA Group, remaining a director on behalf of News Corp.
A successor for the chief executive officer position at REA Group, a separate listed company, will be subject to the approval of its board.
“It has been an absolute privilege working with the team and the board at REA Group,” Fellows said. “It’s one of the exciting things about the opportunity. It allows me to take on a new challenge while continuing to work alongside these incredible people – all in an industry I am so passionate about. I feel very fortunate. There could not be a more exciting time for a role like this.
“We can clearly share lessons from around the company and continue to raise the bar on best practices. I’m really looking forward to working with Ryan and the team at realtor.com and our talented people around the world with the aim of creating amazing property experiences for consumers globally. There is no doubt that there are some interesting opportunities to broaden our international reach and serve more people.”