David Doctorow To Depart Move, Inc. Damian Eales Named Successor

Rhea-AI Summary

David Doctorow is stepping down as CEO of Move, Inc., operator of Realtor.com®. Damian Eales will succeed him as CEO, effective June 12. Under Doctorow's leadership, Move achieved record revenues and audiences, increased market share, and diversified revenue streams. Revenues grew by 50% between fiscal years 2020 and 2022, and average monthly unique users reached over 100 million in 2022.

 

NEW YORK--(BUSINESS WIRE)-- After leading Move, Inc., operator of Realtor.com® and a portfolio of other real estate brands, for more than three years, gaining market share and breaking several revenue and audience records, David Doctorow announced today his decision to depart as Chief Executive Officer of the business.

News Corp has named Damian Eales to succeed him in the position, effective June 12, with Mr. Doctorow continuing to assist him in the transition in the coming weeks.

Under Mr. Doctorow’s leadership, Move achieved record revenues; had record audiences and consumer satisfaction at Realtor.com®; increased market share; strengthened industry relationships and employee engagement; and further diversified revenue streams into the rentals, new homes and seller markets. Between fiscal years 2020 and 2022, Move’s revenues grew by 50 percent, and average monthly unique users reached a high of more than 100 million in 2022. Mr. Doctorow helped complete the integration of OpCity into the Realtor.com® business and oversaw the acquisitions of Avail and UpNest.

Over the past several years, Realtor.com® has continued to innovate and expand its product offerings for consumers, real estate agents and brokers, new construction builders, lenders and property managers. Among many other changes, Mr. Doctorow also oversaw the launch of a new home search algorithm, incorporating AI throughout many products; a new mobile app; leveraging the Opcity platform to create new agent/broker products; and the Seller’s Marketplace and listing agent businesses, with Realtor.com® dramatically expanding content coverage in the new construction and rentals verticals.

“I am proud of the many successes we achieved at Realtor.com® since February 2020, and greatly value having had the chance to work with the best team in the digital real estate industry. I believe this is the right time for me to embark on a new chapter in my career, and I look forward to working with Damian as he begins his new role,” said Mr. Doctorow. "Today the real estate market is experiencing new challenges, but I am confident the people of Realtor.com® have what it takes to continue growing and empowering the agents, brokers and other customers to grow, while empowering consumers with confidence as they turn to us to make their dreams of a new home come true.”

“We are all very grateful to David for the many ways he helped grow Realtor.com®, including through the acquisition and integration of key assets, the launch of innovative products, the expansion of offerings in rentals and new construction, and the development of sell-side products,” said Robert Thomson, Chief Executive of News Corp. “It was not long after David started that the world was thrust into the pandemic, but he and everyone at Realtor.com® responded professionally, and the business managed to expand revenues and audience, gaining share despite the obstacles of that era."

Mr. Eales has been serving as Executive Vice President and Global Head of Transformation for News Corp since July 2020. Prior to that, he held senior positions at News Corp Australia over seven years, including Chief Marketing Officer and Chief Operating Officer of the Australian publishing business, where he led commercial, consumer, digital product and publishing divisions. Mr. Eales previously served in senior leadership posts in several major Australian businesses.

During his time at News Corp Australia, Mr. Eales helped lead digital transformation initiatives, which profoundly improved the operations of its portfolio of mastheads across Australia and led to the expansion of its subscription business from approximately 100,000 subscribers in 2013 to what is now more than 1 million. His oversight of news.com.au helped secure its position as the leading news website in Australia, according to Ipsos, and his partnership with REA Group helped realestate.com.au maintain and grow its standing as the #1 digital real estate site in Australia.

In his current post, Mr. Eales was part of a broader effort at News Corp that yielded significant savings, while increasing collaboration among business units.

REA, which owns 20 percent of Move, Inc., will be working closely with Mr. Eales in his new role, and ramping up resource sharing with Realtor.com®, including talent. More details about this collaboration will be announced in the coming weeks.

“Damian is a strong leader with a long track record of accomplishment, and I am confident that his acumen and acuity will serve him well in leading Realtor.com® into a new era of growth,” said Mr. Thomson. “Damian’s years of work with REA, coupled with his understanding of digital transformation, provide a platform to pursue the long-term opportunities we know exist in the $200 billion U.S. real estate market.”

“For many years, Damian worked closely with REA as our partnership with News Corp Australia flourished to our mutual benefit. He has a keen appreciation for the value of the real estate market and how it intersects with consumers, publishers and digital technology,” said Owen Wilson, CEO of REA Group. “We wish David well in the next phase of his career, and like David, Damian will be a strong ally for us and a very effective leader of Realtor.com®. In particular, we look forward to collaborating even more closely with Realtor.com® through the sharing of resources, including key talent, in the months ahead.”

“It is an honor to be offered the opportunity to lead Move, Inc. and Realtor.com®. Helping customers find a home is uniquely purposeful, and I look forward to working with the talented Move team as we seek to expand reach and enhance value to agents, brokers and consumers in the vital digital real estate market,” said Mr. Eales. “Having worked closely with REA, and through my exposure to digital transformation and the creation of strategic partnerships, I am confident that we can leverage the assets of REA and News Corp and build a bright future for this pioneering real estate leader, Realtor.com®.”

Prior to joining News Corp in Australia in 2013, Mr. Eales was Chief Marketing Officer at Westpac Retail & Business Bank, and he spent more than a decade at David Jones, a leading premium retailer in Australia, as a group general manager in financial services, marketing & operations and supply chain logistics & procurement.

Since News Corp’s acquisition in 2014, Move more than tripled its revenues, reaching $712 million as of the most recently completed fiscal year, and more than tripled its average monthly unique users to a high of more than 100 million during 2022.

Mr. Eales has a Master’s in Business Administration from the University of Queensland, and an extensive record of volunteerism, including service on the boards of the Great Barrier Reef Foundation - USA, the American Australian Association and the Sony Foundation, and he serves as an Ambassador for the Australian Indigenous Education Foundation. Mr. Eales also served as President of the International News Media Association (INMA).

Prior to joining Move, Mr. Doctorow was with eBay, where he served as Head of Global Growth at eBay Marketplaces, and previously was Chief Marketing and Strategy Officer at Expedia. He has a Master’s in Business Administration from Stanford Graduate School of Business and a bachelor’s degree from the University of Pennsylvania.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “may,” “will,” “should,” “likely,” “anticipates,” “expects,” “intends,” “plans,” “projects,” “believes,” “estimates,” “outlook” and similar expressions are used to identify these forward-looking statements. These statements are based on current expectations and beliefs and are subject to uncertainty and changes in circumstances. Actual results may vary materially from those expressed or implied by the statements in this press release due to the risks, uncertainties and other factors described in the Company’s filings with the Securities and Exchange Commission. More detailed information about factors that could affect future results is contained in our filings with the Securities and Exchange Commission. The “forward-looking statements” included in this press release are made only as of the date of this release. We do not have and do not undertake any obligation to publicly update any “forward-looking statements” to reflect subsequent events or circumstances, and we expressly disclaim any such obligation, except as required by law or regulation.

About News Corporation
News Corp (Nasdaq: NWS, NWSA; ASX: NWS, NWSLV) is a global, diversified media and information services company focused on creating and distributing authoritative and engaging content and other products and services. The company comprises businesses across a range of media, including: digital real estate services, subscription video services in Australia, news and information services and book publishing. Headquartered in New York, News Corp operates primarily in the United States, Australia, and the United Kingdom, and its content and other products and services are distributed and consumed worldwide. More information is available at: www.newscorp.com.

About Move, Inc.
Move, Inc., a subsidiary of News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV], operates a family of websites and mobile experiences for consumers and professionals, including Realtor.com®. Move licenses the Realtor.com® URL from the National Association of REALTORS®. Move also offers software products and services to help real estate professionals serve their clients and grow their business, including ListHub™, the nation's leading listings syndicator and centralized intelligence platform for the real estate industry.

About Realtor.com®
Realtor.com® is an open real estate marketplace built for everyone. Realtor.com® pioneered the world of digital real estate more than 25 years ago. Today, through its website and mobile apps, Realtor.com® is a trusted guide for consumers, empowering more people to find their way home by breaking down barriers, helping them make the right connections, and creating confidence through expert insights and guidance. For professionals, Realtor.com® is a trusted partner for business growth, offering consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. For more information, visit Realtor.com®.

About REA Group Ltd: (www.rea-group.com):
REA Group Ltd ACN 068 349 066 (ASX:REA) (“REA Group”) is a multinational digital advertising business specialising in property. REA Group operates Australia’s leading residential and commercial property websites – realestate.com.au and realcommercial.com.au – as well as the leading website dedicated to share property, Flatmates.com.au and property research website, property.com.au. REA Group owns, Mortgage Choice Pty Ltd, an Australian mortgage broking franchise group, and PropTrack Pty Ltd, a leading provider of property data services. In Australia, REA Group holds strategic investments in Simpology Pty Ltd, a leading provider of mortgage application and e-lodgement solutions for the broking and lending industries; Realtair Pty Ltd, a digital platform providing end-to-end technology solutions for the real estate transaction process, Campaign Agent Pty Ltd, Australia’s leading provider of Buy Now Pay Later solutions for the Australian real estate market and Managed Platforms Pty Ltd, an emerging Property Management software platform. Internationally, REA Group holds a controlling interest in REA India Pte. Ltd. operator of established brands Housing.com, Makaan.com and PropTiger.com. REA Group also holds a significant minority shareholding in Move, Inc., operator of realtor.com in the US, and the PropertyGuru Group, South East Asia’s leading PropTech company which operates in Singapore, Malaysia, Thailand, Indonesia and Vietnam.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230601006019/en/

News Corp Investor Relations

Michael Florin

212-416-3363

mflorin@newscorp.com

News Corp Corporate Communications

Jim Kennedy

212-416-4064

jkennedy@newscorp.com

Source: Move, Inc.

FAQ

Who is stepping down as CEO of Move, Inc.?

David Doctorow is stepping down as CEO of Move, Inc.

Who will succeed David Doctorow as CEO?

Damian Eales will succeed David Doctorow as CEO.

When will Damian Eales assume the position of CEO?

Damian Eales will assume the position of CEO on June 12.

What achievements were made under David Doctorow's leadership?

Under David Doctorow's leadership, Move achieved record revenues and audiences, increased market share, and diversified revenue streams.

How much did revenues grow between fiscal years 2020 and 2022?

Revenues grew by 50% between fiscal years 2020 and 2022.

What was the peak number of average monthly unique users in 2022?

The peak number of average monthly unique users in 2022 was over 100 million.