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McGrath continues board reshuffle

AAP logoAAP 13/11/2016

McGrath is further reshaping its board in the wake of founder John McGrath's decision to step back from day-to-day control of the real estate company three months ago.

Nigel Dews and Cath Rogers have been appointed as non-executive board directors and will start following next week's annual general meeting.

McGrath chair Cass O'Connor said the pair are skilled in technology and dealing with the challenges of digital disruptions.

"Their international experience, education and skills, combined with their understanding of the transformative role of technology for industry and consumers, will help McGrath to lead the sector in innovation and service," Ms O'Connor said in a statement.

The chair also announced that director Daniel Petre would leave McGrath at the end of the AGM, citing the demands on his time from venture capital firn AirTree.

The board reshuffle moves the company further from the control of Mr McGrath, who stepped down as chief executive but remained on the board in August.

McGrath, which listed on the share market in December, lifted annual profit 19.5 per cent to $8.4 million in 2015/16 but said its pro-forma profit - the company's preferred measure of performance - slumped 6.8 per cent to $14.6 million.

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