- Mr Lucas was previously McGrath's CEO and COO
- The Agency has had a turbulent year after briefly going into administration
- Remuneration includes a $550,000 salary
The Agency Group (ASX: AU1) has announced Geoff Lucas as Group CEO effective next Monday, 29 March.
Mr Lucas has extensive experience across various industries, including real estate.
Notably, he has had two stints with McGrath Limited where he was CEO from 2018 to 2020 and previously COO from 2008 to 2016.
Andrew Jensen, The Agency Chairman, said he was glad Mr Lucas accepted the offer to join the company.
“We are pleased Geoff has agreed to join The Agency, given his immense experience and success in the real estate sector.”
“The appointment comes at a time when The Agency is looking to use the foundation of its strong balance sheet and industry leading operational performance to continue to drive growth across its business.”
Andrew Jensen, The Agency Chairman
Nevertheless, The Agency reported strong half-yearly results for the first half of this financial year.
Mr Lucas added factors he took into consideration when deciding to join The Agency included the company’s resilience and commitment to its own stakeholders and said he believes their model and philosophy is appropriate given the evolution of the real estate market.
“This team has demonstrated tremendous resilience and commitment during their formative stages. The business is now in a position of financial strength and is beginning to dominate market share in a number of key markets.”
“The recent expansion into Queensland, and now a national Commercial business, both demonstrate a true national presence providing our people and customers with the benefit of shared knowledge and broad network ensuring consistency in the delivery of service and value to our customers.”
Geoff Lucas, Incoming Group CEO The Agency
His remuneration includes a salary package of $550,000 inclusive of superannuation with both short term and long term incentives. Additionally, Mr Lucas will be issued with a total of 30 million unlisted options to acquire fully paid ordinary shares.
If all are exercised, the total payable would be $2.25 million.