John McGrath, the founder of listed property company McGrath, has taken over the role of chief executive for the second time.
Mr McGrath founded the company in 1988 from a small office in Paddington, Sydney’s eastern suburbs, where he handled so many house sales that he was nicknamed the real estate ‘Mr. Sydney”.
He will replace outgoing general manager Eddie Law and will receive a total compensation of $521,500.
In an ASX statement, Mr McGrath said he was “excited about our business”.
“We have an amazing platform and team to continue our path to being the best residential real estate company in the country,” he said.
“With unparalleled talent and our technology advancements to come, I couldn’t be more excited about our future.”
He said his plan was to continue to grow and expand on Australia’s east coast.
Mr McGrath was the first chief executive when he listed the company on the ASX in 2015, but after a difficult float when the market was hit by the global financial crisis, he stepped down from the role in August 2016.
McGrath has an ASX market value of $81.75 million. The share price was hit hard when the company went public and there were a number of changes in the management team. Mr Law replaced former chief executive Geoff Lucas in August 2020.