Tuesday 26th June 2018
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Trade Me Group chief executive Jon Macdonald intends to step away from the company that operates New Zealand's top online marketplace in about six months, leaving a position he held for more than a decade and a company he joined in 2003.
Wellington-based Trade Me, one of New Zealand's most popular websites, has recently struggled to find ways to accelerate business growth. In February the company predicted this year's full-year profit will expand at a lower growth rate than in the previous year as it continues to invest at a rate slightly above that of revenue growth.
The company's board will start a global recruitment process and work with Macdonald over the coming months to ensure a smooth transition, Trade Me said in a statement.
"After leading Trade Me for over 10 years, it’s time for me to take a rest and then do something new," Macdonald said in the statement. “Trade Me has a long and bright future, with more to do than ever, and it’s a good time to pass the baton to someone with fresh eyes and a full tank of gas."
Trade Me shares closed 1.7 percent higher at $4.93 on Monday. The stock has slipped 0.7 percent in the past year, underperforming the country's benchmark S&P/NZX 50 Index's 18 percent climb in the same period.
“When Jon started, Trade Me was a company of around 15 staff, still finding its place in New Zealand," chair David Kirk said in the statement. "It’s now a company of over 600 people and is recognised as one of New Zealand’s most loved and trusted brands."
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