Kenneth Stern has been named the new Chief Executive Officer of Lamudi Philippines. Stern replaces former incumbent Bhavna Suresh who had been in the role for some 4 years. Stern joins the market-leading property portal from the country’s biggest brokerage RE/MAX where he was country manager. Speaking of his new role, Stern said:
“I could not be more eager to take on the challenge of leading the company to its envisioned hyper-growth phase, supporting the industry through the unprecedented crisis we’re currently facing”
The appointment comes some 4 months after Lamudi’s acquisition by global classifieds giant EMPG which controls many leading portals across the Middle East and Asia including Dubizzle, Bayut, Kaidee and Zameen. Before that, EMPG and OLX entered into a partnership agreement in April which saw OLX become a 39% shareholder in EMPG and in doing so further consolidating the market in Asia.
Now that EMPG has its own man in charge in the Philippines, a market in which Lamudi is the dominant player, the scope for further consolidation and expansion into adjacent transactions around property listing and is even greater.