OnTheMarket has appointed Jason Tebb as its new Chief Executive Officer, apparently by-passing the acting-CEO, Clive Beattie, who took over the role following the sacking of Ian Springett last March.
No mention of Beattie was made in the press release announcing Tebb’s appointment but the RNS confirms that he will be staying on as Chief Financial Officer.
Tebb, who will take up his new role on December 14th, has been Group COO of Ultimate Holdings for the last three years, a group of companies specialising in property investment, finance, management, and property development.
Prior to that he founded Ivy Gate, an estate and letting agency backed by former Dragon, James Caan. EYE reported on the company’s expansion plans in 2015 and 2016 when it announced it was opening in the U.S.A and Middle East.
Tebb, who has a B.A. in Psychology from Cardiff University, had three years as Regional Managing Director at LSL Property Services PLC, was an area director at Chestertons, and held various positions at Foxtons.
Christopher Bell, Non-Executive Chairman of OnTheMarket said: “We are delighted to welcome Jason to OnTheMarket. Following a thorough evaluation of candidates, we believe Jason has the skills and sector experience to take the Group forward and achieve our objective of building a strong, agent-backed, profitable and technology-enabled business.
“Following the recent delivery of continued growth in advertiser numbers, record leads for the second month in a row in July and increasing portal traffic, and with a strong management team in place, I continue to have confidence that OnTheMarket will deliver long term value to agents and all of our stakeholders.”
In July 2020, OnTheMarket says it generated over 2 million leads, with an average of 148 leads per advertiser. The Group’s visits increased to 27.5 million for the month while its advertisers have grown to approximately 14,000.
Jason Tebb said: “As a business, OnTheMarket has solid foundations with strong operational momentum, and there are clear opportunities for growth by working with the estate agent community to develop our differentiated portal offering; build a profitable, sustainable and technology-led business; and deliver value for our stakeholders. I’m really looking forward to progressing the platform and delivering an expanded range of related, value-add products, services, features and solutions for agents and consumers.”
“Having worked in the estate agency sector for the last two decades, I have first-hand experience of every size of business, from a single office independent to the largest of property PLCs.
“I believe that this gives me a true understanding of the challenges agents face today, and I’m really looking forward to engaging with our client base to understand what their businesses need, both now and in the future, and how we can best support them going forwards.”
Comments (11)
Good luck to him, I’m very much #TeamTebb
No AIM or main market experience which is unusual for a listed business. There are not many people to choose from who have both property and PLC experience at CEO level. A sensible decision to run with someone who understands the sector, albeit at a junior level. A sink or swim role and I wish him the best of luck with making a go of it.
Best of luck …..He will need it.
Go on Jason…
Dump the Daft TV Ad …that decision alone is worth an Annual Salary!
Could not agree more…..A so called national operator running a London centric tv advert’.
Not a good look!
Congratulations Jason.
The post Covid landscape is a lot changed simply because the Duopoly is broken. There is now proper competition back in the portal space and that’s good because it allows the challengers to innovate and that forces the incumbents to keep up and that is what is happening.
There has been some significant stuff happened in the past 4 months- it’s not been reported on because it hasn’t been written up and circulated as PR but innovation has happened and it is being copied. That means if Jason is wise enough to give Morgan his head OTM could emerge ahead of Zoopla.
Jason faces several challenges all of which are exciting. Yesterdays announcement was an unexpected curve ball but looking at it it’s a decision that makes good sense
Very exciting times and as you say, the duopoly is over. Time for RM to bring down Hoopla and move Wrongmove out
Forget bringing down Rightmove, with the duopoly broken they no longer have the luxury of an undentable lead with the protection of a No2. That means they cannot afford to do nothing [for fear of breaking the mega profit model]. With that restriction gone Rightmove can innovate and change, they will have to in order to dismiss whater Messr Bruce and Barker are apparently going to challenge them with
Rightmove could simply make their subscription offer permanent (£650 a branch) and then look at the BIG data income opportunities that are being highlighted by firms like Onedome; all the income streams associated with moving home.
With only the attitude of reps to take care of Rightmove could quite easily repair the things some agents don’t like about them; the unfairnes of their fees and the high handed attitude of the field staff
When you have a company that operates on such a high profit, they will never reduce their monthly fees. Every £1000 that they receive, £750 of that is profit. £1500 profit on a £2k monthly fee. Who are the idiots? the agents that stay with Rightmove that’s who!
Thank you Robert. That makes good sense as always. I still think Soopla has to go first and will soon, hopefully, start to look more vulnerable.
I am constantly baffled how some people get appointed to roles which should require someone with gravitas. No offence to Jason Tebbs as he has just blagged his way to a role but I would have thought it was more suited to someone with proper experience of running a portal. One has to question the people who decide to make the appointment not the person who gets appointed.