CoStar has said that it wants the former Domain CEO and Google ANZ boss to return to the real estate listings company if it completes a $3 billion acquisition.
CoStar will appoint Pellegrino president of the business if it is delisted, according to details released ahead of a shareholder vote.
Rumours that Pellegrino could make a return were first revealed in the Australian Financial Review.
CoStar said it plans to invest in Domain’s core technology and content assets to help it “deliver superior products, increased audience, better consumer experience and competitive pricing” as it battles against its main rival, REA Group.
This could involve a rebrand of Domain to incorporate the homes.com.au domain that was acquired by Domain earlier this year.
Pellegrino led Domain from 2018 until late 2024, when he exited the business amid uncertainty over its future and after years of underperforming against rival REA Group.
During his tenure, Pellegrino led Domain through significant challenges, including navigating 13 interest rate hikes and the COVID-19 pandemic and transitioning from a media-driven classifieds business into a technology-focused property marketplace.
Domain, which is controlled by Nine, is expected to be sold to CoStar pending shareholder approval.
