Since Australian property portal Domain announced its CEO, Antony Catalano has decided to step down, and speculation has grown as to the real reason for his sudden departure. Consequently, Domain's share price has fallen by 57c or 17.2 percent, to AUD $2.75, wiping $420 million from the company's balance sheet.
News Corp also reported that Fairfax, which owns 60 percent of Domain, ended Monday’s session “down almost 10 percent, at 65c, removing a further $150 [million] in value from the publisher.”
News Corp further said that without a firm succession placed at the time of Mr. Catalano’s departure, Domain chairman Nick Falloon’s “family first” reason has raised some questions.
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