The REA Group has announced that effective immediately, one of the industry’s highest-profile figures, John McGrath, will step down from the board.
According to REB, amid industry speculation that Mr McGrath has resigned for personal reasons as he reduces many of his industry responsibilities.
In an ASX announcement, REA chairman Hamish McLennan acknowledged Mr McGrath’s service. “Mr McGrath’s lengthy contribution to the REA Group has been highly regarded by the board,” Mr McLennan said.
“I am particularly grateful for his invaluable industry knowledge. He leaves the group with a multibillion-dollar market capitalisation and we wish him the best of luck.”
Mr McLennan said that Mr McGrath is widely recognised as a preeminent figure in Australia’s real estate industry, and he was awarded the Centenary Medal in 2003 and the Woodrow Weight OBE Award in 2008.
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