Search for a replacement to begin soon
The Agency Group has terminated the contract of its chief executive and managing director, Geoff Lucas (pictured), effective immediately.
The announcement, made on Friday, provided no explanation for the sudden decision, and the company declined to elaborate when pressed for further comment.
“The departure of the managing director and CEO will have no impact on the day-to-day operation of The Agency or its people,” the company said in the announcement to shareholders. “A formal recruitment process to find a suitable replacement will commence shortly.”
Lucas’ departure comes as The Agency, an ASX-listed real estate network, faces ongoing financial challenges, including a $4.3 million loss in financial year 2023, though the company reported a positive EBITDA of $560,000 in the December half.
Lucas joined The Agency in 2021 after a lengthy tenure at rival McGrath Real Estate and was tasked with driving the company’s growth. Despite the financial losses, he highlighted the company’s progress, noting that the firm had built a strong platform in the industry.
“I like to think that I’ve been a fairly instrumental part of that platform and getting it to where it is,” Lucas told Business News Australia, adding that he would take six months off before pursuing new opportunities.
In the interim, The Agency’s CEO duties will be managed by chief operating officer Andrew Jensen, East Coast real estate CEO Matt Lahood, and West Coast executive director Paul Niardone. The company plans to initiate a formal search for Lucas’ replacement soon.
Following the announcement of Lucas’ termination, shares of The Agency fell by 10.71%, closing at 2.5 cents per share.
Want to be regularly updated with mortgage news and features? Get exclusive interviews, breaking news, and industry events in your inbox – subscribe to our FREE daily newsletter. You can also follow us on Facebook, X (formerly Twitter), and LinkedIn.
