DOMAIN FLASHES CASH TO HIRE GOOGLE BOSS
REAL estate advertiser Domain has tempted Google’s local boss to join as chief executive with a multi-million dollar package that includes a $500,000 bonus for four months’ work.
Google Australia and New Zealand managing director Jason Pellegrino will join on August 27 and, if he is still in the job on December 31, will pocket $500,000 in cash.
Mr Pellegrino will receive fixed remuneration of $1.2 million per year and get Domain shares worth $2 million on the second anniversary of his joining, subject to shareholder approval.
On top of that, Mr Pellegrino could pick up $960,000 per year in short-term incentives plus long-term stock incentives.
“I have spent close to a decade ... dealing with the rapid shift in technology, from desktop, to smartphone and now the AI-powered world ahead,” Mr Pellegrino said in a statement.
“Throughout this time, I have always prided myself on supporting the growth of incredibly strong teams and establishing transparent and trusting relationships with partners and customers something I am looking forward to continuing as I join Domain.”
Morningstar analyst Gareth James said it was positive that the group has finally appointed a new boss after more than six months but said he wanted to see Mr Pellegrino’s plans for the business.
Despite the property marketing softening, Domain’s growth outlook is “reasonably good”, with the potential to grab a bigger chunk of premium advertisements, Mr James said.
“Domain has the potential to increase the revenue it generates per property listing,” he said, noting the company lags behind major competitor REA Group. Chairman Nick Falloon had been handling chief executive duties at Domain after Antony Catalano surprisingly quit in January, citing family reasons. Mr Catalano quit two months after Domain’s November listing and joined media buyer Tomorrow Agency - a Domain client.