MYOB announces Greg Ellis to succeed Tim Reed as CEO

MEDIA RELEASE

Thursday 8 August 2019

MYOB announces Greg Ellis to succeed Tim Reed as CEO

• Tim Reed to remain an advisor to the company after 12 years of successful leadership

• Greg Ellis brings strong technology and leadership experience as MYOB enters next phase of growth

Leading Australian and New Zealand online business management solutions company, MYOB, today announced that Greg Ellis, an accomplished executive who was most recently CEO of Scout 24 AG, has been selected to succeed Tim Reed as Chief Executive Officer.

After 16 years with MYOB including 12 years as CEO, Mr Reed has decided to step down and will transition his responsibilities to Mr Ellis who will commence in the role on 16 September 2019. Mr Reed will assume the role of advisor and continue to support MYOB’s business strategy.

Scott Bookmyer, MYOB Board member and Head of KKR Australia, said: “We are deeply grateful to Tim for his service as CEO and are delighted that MYOB will continue to benefit from his expertise and vision in his capacity as an advisor to the company. Tim’s leadership at the helm of MYOB for the past 12 years has built a truly great and innovative technology company that is positioned for exciting growth. Greg is one of the most accomplished Australian executives in the industry and has distinguished himself with an extensive track record of building high growth technology companies. His deep industry knowledge and ability to deliver value during his more than 30-year career at companies including Scout 24 and REA gives the Board confidence in his ability to lead MYOB forward into its next phase of growth.”

Tim Reed, Chief Executive Officer, said: “MYOB is a great business with a fantastic team and serving as CEO for the past 12 years has been an absolute privilege. In that time, we’ve transformed from being a provider of desktop solutions to a leading online subscription business and our Connected Practice strategy defines a new era for our industry. MYOB is now at an inflection point, meaning it is the right moment for me to step down in order to let the next CEO own and drive the transformation project forward. I remain a committed investor and look forward to seeing the business reach new heights in the years ahead.”

Greg Ellis, incoming Chief Executive Officer, said: “I am excited to join the MYOB team, an iconic Australian and New Zealand technology business with a strong growth trajectory that is well positioned to capitalise on new areas of growth. The opportunity to join MYOB just as the business starts its next phase of development, coupled with supportive investors and a clear go forward strategy, is a really exciting proposition. I look forward to getting to know the team, clients and partners in the weeks to come, and making rapid progress toward our transformation goals when I join in September.”

About Greg Ellis:

Mr Ellis has over 30 years’ business experience, including 10 as a CEO, within the online industry across digital advertising, e-commerce, telecommunications and software. He has worked in Australia, Asia and Europe running both public and private companies and most recently served as CEO of Scout 24 AG, where he was responsible for the commercial operations of the company and was instrumental in its public listing on the DAX in 2015.

During his tenure at Scout 24, Mr Ellis implemented a new operating model for the business improving revenue, reducing net debt and increasing investor returns. Prior to that he was CEO of Australian online real estate company REA Group from 2008 to 2014, where he led the development of a product strategy that resulted in sustained profitable growth for the company and a ~650% increase in market capitalisation.

He was also REA’s member representative on the Business Council of Australia for three years. Earlier in his career, he was Marketing Director Asia Online Services at Microsoft, Managing Director of the Online division for Truvo BV as well as Managing Director of Sensis Interactive and Group Manager of Marketing for Telstra Corporation.

Mr Ellis holds a Bachelor of Business from the Queensland University of Technology.

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About MYOB

MYOB is a leading provider of online business management solutions. MYOB makes business life easier for approximately 1.2 million businesses across Australia and New Zealand by simplifying accounting, payroll, tax, practice management, CRM, job costing, inventory and more. MYOB operates across four strategic segments – Small to Medium sized businesses (SMEs), Practices (accountants, advisers and bookkeepers), Enterprise (larger businesses) and Payments. It provides ongoing support via many client service channels including a network of over 40,000 accountants, bookkeepers and other consultants. MYOB is committed to ongoing innovation and delivering efficiencies and growth opportunities for its growing client base across Australia and New Zealand. For more information, visit www.myob.com/au/about/media-centre or follow @MYOB on Twitter.

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