PropertyGuru Group has announced a change of CEO and the appointment of a new Board of Directors.
Long-serving CEO Hari V. Krishnan will depart in new owners EQT's first big leadership reshuffle since taking control of the Group in December 2024, transitioning to Senior Advisor to the Board, with former PropertyGuru director Lewis Ng set to replace Krishnan as CEO in March 2025.
Ng served at PropertyGuru for six years (2014-2019) as Managing Director of Singapore and Chief Business Officer. He rejoins the Group as an experienced leader, having held roles at Apple, TripAdvisor, and the Singaporean real estate unicorn Carousell.
"After an incredible decade, I have decided that the time is right for me to pursue new interests and for the company to transition to new leadership. During my tenure, I’ve had the privilege of working with amazing teams to achieve some significant milestones and I am very proud that we have done so while building a culture that fosters inclusion and innovation—something I consider unique and our competitive differentiator."I have known Lewis for over a decade and had the privilege of working closely with him for more than three years. I am confident he will bring a fresh perspective to our organisation while staying deeply aligned with our vision and values. I look forward to supporting him and the team through this transition and beyond."
"I am thrilled to return to PropertyGuru, a company that has always held a special place in my heart. During my previous time here, I experienced firsthand the incredible culture of collaboration, innovation, and customer-centricity that sets PropertyGuru apart. The company’s journey over the past decade under Hari’s leadership has been remarkable, and I am excited to build on this strong foundation as we look to the future. I am honored to lead PropertyGuru in its next chapter and work alongside our talented teams to continue driving growth and delivering value to our customers across Southeast Asia."
Krishnan joined the business as CEO in January 2016 and helped oversee PropertyGuru's increasingly strong chokehold on the Singaporean market and solid revenue growth as the Group targeted international markets such as Thailand, Vietnam and Malaysia.
Yet since PropertyGuru went public in 2022, the business has at best stuttered and at worst seen the business go backwards, with the Group recording continued net losses since its flotation and limited growth in international markets, while full-year revenue growth in 2023 fell from 35% YoY to just 10% YoY from 2022.
Notably, Q2 2024 saw PropertyGuru's net losses widen to USD $11.6 million, including a USD 3.6 million strategic review for the Group.
Now it will be up to the incumbent CEO Lewis Ng to achieve profitability behind closed doors, with PropertyGuru going private after an overall disappointing tenure as a publicly traded business.
Meanwhile, EQT has appointed the first members of its new Board of Directors for the Group.
Joining Krishnan in the boardroom is Trevor Mather, who has assumed the role of Chairman of the Board of Directors. with a career's worth of experience in scaling marketplace businesses, having previously served as CEO of British car sales marketplace Auto Trader. Mather is currently Chairman of Baltic Classifieds Group.
Other boardroom appointments include Janice Leow, a close associate of EQT who is currently a Partner for EQT's Private Capital Asia advisory team and Head of EQT Private Capital Southeast Asia; and Ed Williams, Founder and ex-CEO of UK’s leading property marketplace Rightmove, Chairman of Trade Me in New Zealand, and ex-Chairman of Auto Trader.
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