Steve Melhuish, the CEO and Co-Founder of Singapore-based site PropertyGuru, has stepped down after nine years to take over a new role as Vice Chairman.
President and Chief Business Officer Hari V. Krishnan has been promoted to CEO effective immediately.
Melhuish will focus on the firm’s long-term strategy, business growth and key client relationships while Krishnan will be managing the day-to-day operations.
Krishnan was also appointed as one of the board of directors, together with Melhuish and Co-Founder and Managing Director Jani Rautiainen.
As part of the shift in senior positions, Rautiainen has taken up a new role as the Executive Director, supporting the group’s long-term business development.
Melhuish said the transition had been planned for more than two years, and he was still very involved with the company.
“Jani and I remain very much part of PropertyGuru,” he said in an official statement. “We continue to be 100 percent committed to supporting the company’s mission of helping property seekers across Asia make confident property decisions.”
Melhuish co-founded PropertyGuru due to his personal frustrations while trying to find a new home in 2006. The company has grown to become a leading platform in Southeast Asia and used by over 16 million property seekers every month. Today, it generates over S$15 billion worth of transactions each year.
“PropertyGuru is in a very strong position today, with our brands holding the number one position in all our core markets,” Melhuish said.
“Revenue and traffic continue to grow rapidly, and we’re on track to return to profitability next year – after five years of aggressive investment in regional expansion, product innovation, marketing and developing a world-class leadership team. As such, Jani and I felt that now was the right time to pass the baton.”
Krishnan was previously the Vice President for Asia Pacific and Japan at LinkedIn, and said he was thrilled with his appointment.
“I am excited to lead the company’s next phase of growth,” he said. “I look forward to working closely with our leadership team, the board and our employees to serve all of our constituents – consumers, customers, partners and investors.”
Other senior management movements include current Managing Director of Singapore operations, Lewis Ng, being promoted as the CBO.
In addition to overseeing Singapore, Ng will now focus on driving revenue growth across the other key markets – Malaysia, Indonesia and Thailand.