New Rightmove CEO is former McDonald’s and Expedia exec
Swede Johan Svanström will take over formally in March next year from Peter Brooks-Johnson following his decision to step down.
Rightmove has found a new CEO some five months after the incumbent, Peter Brooks-Johnson, revealed he intended to leave the company he joined 16 years ago.
His replacement is Swede Johan Svanström who will formally take over after the company reveals its full-year results in March next year.
He has a long track record in senior-level business but not property, having recently led holiday bookings firms Hotels.com and before that Expedia, where he grew revenues.
Svanström began at Expedia as one of the company’s first employees in Asia, where he led the effort to set up the company’s operations across the continent.
He joined Expedia from McDonald’s, where he led several successful major projects within the company’s Digital Innovation Group, having previously held CEO and leadership positions in telecommunications and internet start-ups.
Swedish national
A Swedish national based in the UK, Svanström currently serves as a Partner, EQT Growth Advisory Team, which is part of EQT, the global investment organisation.
Andrew Fisher, Chairman of Rightmove (pictured) says: “I would like to thank Peter for his outstanding leadership as CEO over the past five years and for his significant contribution to the Company throughout the past 16 years.
“I am delighted to welcome Johan, whose proven ability to scale established companies along with his digital acumen and experience of marketplaces will continue to add significant value for our customers, home hunters, shareholders and team.”
Svanström adds: “I’m very excited to join Rightmove and look forward to building on the Company’s strong position and partnership model together with the team.
“Technology continues to provide opportunities to grow markets and create efficiencies everywhere. Rightmove has a long runway of opportunities to innovate, digitise and create ever more value for users, customers, and the wider eco-system.”
Svanström has a big job ahead of him – Brooks-Johnson knew the industry personally with many of its influential names on his speed dial, an advantage the new CEO will not have.
Johan Svanström is a man after my own heart, if anyone takes the time to look at his experience the fact he sits on eight boards, which helps greatly with a panoramic view of how business is all about grappling with digital transformation, and de-risking behemoth businesses that are open to attack from ‘agile new businesses’, that often blind side them overnight, take Revolut in the banking space for example.
Rightmove’s existential problem is that it is rooted in its genesis of 1999, not 2023, newer models are its biggest threat. Can it re-create itself in time? At least the Rightmove board are going to have a go.
Just what Rightmove needs “more revenue”
They continue to bleed their “customers” dry year on year on year on year……. and continue to supply ZERO customer service – what other company in the world would keep their customers on this basis………
COME ON GUYS all estate agents should just ditch them once and for all and use any or all of the others and that includes our Sales director too!!…..5000 have left them I believe and survived – probably because they are saving themselves a fortune!
“He has a long track record in senior-level business but not property, having recently led holiday bookings firms Hotels.com and before that Expedia, where he grew revenues.” Says it all for estate agents
I’ve always felt Rightmove don’t really see themselves as a property portal but a digital business that happens to serve agents – as proved by their missteps during Covid. Out of the three big portals, only OTM has a former agent at the top.
Johan is a great choice, someone that really understands digital and platform business models now, I’m sure RightMove have lots of people with Property experience…