The Real Estate Institute of New Zealand REINZ and New Zealand's biggest real estate agency groups have ousted the chief executive of Realestate.co.nz, Alistair Helm, as part of a management restructure aimed at reducing the cost of the industry's listings website.
An industry source said Helm finished last Friday after the board of Realestate.co.nz decided to dis-establish the role of CEO.
Realestate.co.nz is half owned by REINZ and half owned by the six largest real estate agency groups, including Barfoot and Thompson, Harcourts, Ray White, LJ Hooker and Bayleys. It competes with Trade Me.
Fairfax Moresby, chairman of Realestate.co.nz, was not immediately available for comment to Interest.co.nz.
Realestate.co.nz sent a statement to clients announcing Helm's departure and saying he had played a signficant part in Realestate.co.nz's growth, which the board thanked him for.
"Mr Helm is leaving as a consequence of a management restructure," the statement quoted Moresby as saying.
"As both the business itself, and online marketplace, has matured, the Board sees now as the appropriate time to review both operational structure and resourcing of the company as it charts its new future," Moresby said.
"The board and shareholders are excited by the next stage for the company. The restructure will ensure that both the selling and buying public, and real estate industry, continue to have access to the very best online marketing available."