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Domain chief executive Antony Catalano (pictured) has announced his resignation from Domain (ASX: DHG) just two months after real estate classifieds business was listed on the ASX.
Catalano says the decision was made so he could spend more time with his family.
The now ex-CEO says that while he regrets the timing, the job was preventing him from spending time with his family and required him and his family to move to Sydney.
Shares in Domain dropped by 12 per cent when the market opened on Monday.
Catalano says he was not going to ask his family to make the big move.
"I made a commitment to my young family that I could be there for them and do the job," says Catalano.
"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."
Chairman Nick Falloon says he was made aware about Catalano's position over the Christmas break.
Catalano, who has been CEO of the property group for four years, says he had been away from home for "the bulk of each week" since undertaking the position.
"It's not fair on the family" says Catalano, adding that he was grateful for the opportunities at Domain.
"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 stand-alone listed entity," says Catalano.
The company is currently conducting a domestic and international search for a replacement for Catalano, with Falloon to take the reins during the period.
Shares in Domain Holdings Australia are down 11.75 per cent to $2.93 per share at 11.45am AEDT.
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Business News Australia
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