The CEO of Fairfax’s recently spun-off real estate business, Antony Catalano, has announced his resignation due to family reasons.
Domain, which listed on the Australian Securities Exchange (ASX) in November last year, said in a statement to shareholders it had accepted Catalano’s resignation, and a domestic and international search for a new CEO is commencing.
During this time, Domain chairman Nick Falloon will act as executive chairman, and the company’s leadership team will report to him.
Catalano said that when he joined Fairfax in November 2013, he made a commitment to his family that he could be there for them and do the job.
“It has become clear to me that doing the job of a listed company CEO the way it needs to be done means that I am not meeting that family commitment,” he said.
“It was also becoming apparent that I needed to relocate to Sydney, and that was something I wouldn’t ask my family to do because schooling and family requirements would see young family members living in different cities.
“As it stands, I have been away from home for the bulk of each week, and it’s not fair for the family.
Catalano said he understands and regrets the timing of his resignation given Domain only listed on the ASX in November.
“But having been in the role for four years, I resign knowing that Domain has a great management team in place, and I have every confidence in them and the business continuing on its current stunning trajectory,” he said.
“Having worked with Fairfax Media and Domain for more than 26 years, I am proud of what has been achieved, most importantly seeing Domain grow into the formidable business that it is today, capable of being a standalone listed entity.