From 'The Australian' online: to be in print tomorrow.

Doesn't sound good to put it mildly.

You were prescient. This shows what's REALLY occurring with Australian real estate: ignore the spruikers!

Axe swings at Domain as almost 70 people exit business

Domain is one of the country’s largest online property listing websites. Picture: Nikki Short

• By CHRISTINE LACY

  Senior reporter, Margin Call columnist

  
  
• 4:00PM December 8, 2022

The axe has swung at Nine Entertainment-controlled listed real estate platform Domain Holdings just in time for Christmas, with chief executive Jason Pellegrino this week making 69 of his staff redundant as well as farewelling two key members of the leadership team.

Domain is chaired by former Fairfax Media chair Nick Falloon.

Nine, led by Mike Sneesby, has a 60 per cent stake in Domain.

Pellegrino informing his workers earlier this week of the large scale staff cull.

Domain is listed on the Australian Securities Exchange, however, there has not yet been any formal announcement of the redundancy program or executive changes.

Margin Call understands that Domain’s chief technology officer David Bolton will also depart the company, after it was decided by Pelligrino that the CTO role would be combined with that of chief product officer Nathan Brumby, who will now become the company’s chief product and technology officer.

Out the door along with Bolton is Domain’s longstanding chief people and sustainability officer Rosalind Tregurtha, who was a human resources executive at Fairfax before the companies were demerged. It is understood Tregurtha had been in discussions with Pellegrino for some time around her future at the $1.6bn group.

Stuart Powell, currently head of people operations, will become interim head of Domain’s people experience, while director of corporate communications Sarah Macartney will take over responsibility for sustainability.