John Kolenda departs The Agency board
The Agency's non-executive director John Kolenda has resigned from his role, effective immediately.
Kolenda joined the board exactly three years ago after growing the retail brokerage giant Finsure Group, which he founded and is the managing director.
He took an initial eight per cent stake in the company, which has been expanded over the past year.
Kolenda played a key role in the acquisition of the east coast real estate firm Top Level Real Estate.
He says his resignation is due to an increased workload in other areas.
"The Agency has grown significantly over a short period and is clearly on track to become one of the largest real estate businesses in Australia", Kolenda said.
"It has attracted some of the best agents and now we also have the key exectuives in place to continue the growth in driving sustained operation aal and financial growth across the business going forward.
"As a committed shareholder I will continue to follow and support this growth."
The announcement to the ASX comes with a couple of new appointments at the firm, who yesterday announced that they are on target for a record breaking quarter.
Andrew Jensen, The Agency's current interim chairman, has been appointed chief operating officer and Arjan van Ameyde, who has over 25 years experience in senior financial roles in listed companies, as the new chief financial officer.
Jensen will too step down from the board, from February 1 when he begins his new role. He has held The Agency's CFO role and has previously been the CFO at Ray White.
In November The Agency posted a record 128 sales valued at $234 million along with a record 197 listings.
Their cost saving program is beginning to see results also. Expenses are down from $10 million to $8.4 million in the year to date to November FY20.
The Agency Group’s Managing director Paul Niardone said the monthly results further highlight the continuing success of our model and the quality of agents within the business.
“Our December Quarter results look set to build on the record-breaking results of the September Quarter with the first two months of the current quarter already almost eclipsing last quarter’s GCI," Niardone said.
“Coupled with market improvements in the key markets of Sydney and Melbourne as well as an upturn in Perth in November for the first time in 18 months, 2020 looks set to be a milestone year for our company.”
