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Friday, February 03, 2017

LJ Hooker chief executive Grant Harrod has resigned after the decision to float the company was put on hold.

LJ Hooker CEO Grant Harrod resigns Jan 18, 2017 facebook twitter pinterest linkedin email print LJ Hooker chief executive Grant Harrod has resigned after almost three years at the helm of one of the country’s biggest real estate companies. The decision comes following plans to float the 700-office-strong company on the Australian Stock Exchange were put on hold. Mr Harrod told The Australian Financial Review the company wanted to list when he joined in 2014 and the decision to not proceed had made his role redundant. LJ Hooker branches have closed down. Photo: Glenn Hunt “My skills are not going to be utilised,” he said. The float was reportedly worth $400 million, but was shelved over concerns about falling listings numbers and the threat of technology disrupters entering the real estate space. Close rival real estate group McGrath, which launched on the stock exchange in 2015, has seen its share price continually suffer, dropping from its initial stock price of $2.10 to 88¢ on Wednesday afternoon. Under Mr Harrod’s leadership, the company has grown its national market share from 6 per cent to 7 per cent, securing itself second position behind Ray White. Established in 1928, LJ Hooker employees more than 8000 people, with offices across Australia, as well as New Zealand, the Pacific and Asia. Mr Harrod told the AFR he would work with the board for up to six months to help with the transition.   The company has reportedly hired a global talent acquisition company to help look for a replacement. 

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