Realestate CEO picks up $600k

New Realestate.com.au CEO Greg Ellis will get paid the same as recently departed CEO Simon Baker — $600,000 plus bonuses.

Ellis: REA Group's new $600k man
(Credit:REA Group )

Ellis, who was previously Microsoft Asia's online marketing director, will take up the helm of REA Group, which operates the family of Realestate.com.au websites and is one of Australia's largest dotcom firms, on 8 September.

The executive will be paid $600,000 per annum, coupled with a range of short- and long-term performance incentives, according to his contract disclosed today.

If Ellis reaches his targets he stands to gain an extra $300,000. A spokesperson for the company declined to divulge exactly what those targets were. Ellis also stands to gain an extra $200,000 in share options if he meets the company's long-term ambitions.

This week the company showed off its local earnings, which netted 80 per cent of its $155 million revenues, but Australia is still carrying the Web-based real estate company's loss-making international businesses in the UK and Italy.

The package offered to Ellis is an identical package to previous CEO Simon Baker, who six months ago renewed his contract as CEO, only to be stood aside by the group's board last month.