Rightmove PLC has appointed Alison Dolan as Chief Financial Officer with effect from 7 September 2020.
Dolan was the Chief Strategy Officer at News UK from 2016 until May 2020, where she was at the forefront of the business’s digital transformation.
Before News UK, she held a number of senior positions at Sky plc, including Group Treasurer, Director of Finance and Deputy Managing Director of Sky Business.
Commenting on the appointment, Peter Brooks-Johnson, CEO, said:
“We are delighted to welcome Alison to Rightmove, with her extensive commercial and strategic expertise and a strong background in digital media services, Alison will be a valuable addition to Rightmove’s leadership team.
“I would also like to thank Georgina Hudson, Head of Finance, for stepping up as interim Finance Director and her invaluable support through our half year results.”
Dolan said “I am very excited to be joining Rightmove and am looking forward to working with the team in our quest to make home moving easier in the UK.”
Dolan’s service contract, remuneration and benefits will be made up of a base salary of £390,000, with a pro-rata 2020 bonus opportunity of up to 175% of salary (60% of which will be in deferred shares) and a pro-rata performance share award of up to 175% of salary.
In September 2019, a survey by Willis Towers Watson found that the median salary for a FTSE 100 company CFO was £566,000. The median maximum bonus opportunity as a percentage of base salary was 150%.
Rightmove’s turnover has risen from £192m in 2015 to £289m in 2019. Its pre-tax profit in 2015 was £137m, rising to £213m in 2019.
In the light of this and the fact that 1/3 of their staff were furloughed (and were only topped up to 90%!) I will be very interested to read their 6 months figures to 30/6/20 coming out on Friday.
In the months to come I believe companies like RM should be shamed into paying back anything they claimed under the Job Retention Scheme as I doubt very much that the company was at any risk of failure at any point.
The new CFO’s first role should be to ring fence that money until early next year when hopefully the world will have a clearer picture….
At a time when they are making redundancies and larger bills are dropping on Agents I would question the wisdom of the package size…and the timing.
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Stories and earnings like this are nothing less than obscene. Nobody is worth that level of reward.
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To be fair to Mx. Dolan she has taken on a job, quite a tough and onerous one that I don’t think many would relish; she has presumably got to deliver year on year growth and maintain the dividend in order to get the max bonus etc.
A firm that drops back to 20% profit margin for 3 months ( normal profits for most companies) did not need to furlough any staff- none at all yet furloughed 160 staff to the tune of £2500 for 3 months when there was no need Covid didn’t decimate the number of agents listings with Rightmove and didn’t impact greatly the number of properties listed so someone will probably have to explain to Rishi Sunak why they took they cash and how the company can give 160 staff a holiday for 3 months when the company’s trade was hardly affected at all.
With agent numbers down and those who have left Rightmove out of the anger rather than Covid reporting there is life after Rightmove, It is going to be tough to restore ARPA to what it was let alone increase it to replace the lost agents.
I wish Mx Dolan the very best with all she has taken on and if she pulls it off think she’ll have earned what she’s paid
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What happened to that leave campaign – that was an absolute joke too.
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Have I missed a story on PB annual accounts which were filed Monday ? Odd that no story has been run.
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Yes some important points coming from that .worthy of discussion ,especially as they are looking to rewrite their fees structure There was no mention whatsoever in the update or results regarding their deteriorating lettings portfolio. Original directors have already left the ship
Today, LSL reported today very robustly Hit the ground running since lockdown easing
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Hopefully the Quirkinator will be along shortly to tell us all what we should think.
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Don’t know her-so don’t know what she is worth-don’t care what she is paid.BUT-it does seem an extortionate amount of money for what seems like a very simple business ?
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Well she aint getting a penny from me as I left Rightmove 5 months ago with no loss of business. More fool any agent still paying Rightmove look where your hard earned cash is going. There is life after Rightmove
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