Ex-CBA boss Narev to lead job website Seek

·2-min read

Former Commonwealth Bank boss Ian Narev will take the helm of jobs website Seek, with chief executive Andrew Bassat moving to a new role.

Seek on Tuesday said Mr Narev, who has led its Asia Pacific and Americas operations since joining two years ago, will take the top job on July 1.

Mr Bassat, who co-founded the company 23 years ago, will take on the full-time role of executive chairman and chief executive of Seek Investments.

The company said its investments business, which will include online education, and the Asia Pacific and Americas operations would benefit from more focus.

Mr Bassat will remain a director.

The company reported an eight per cent dip in first-half net profit after tax to $69.7 million.

Sales fell by six per cent as employers postponed hiring staff amid the uncertainty of the pandemic.

The company is trying to reduce its 61 per cent stake in Chinese job advertising business Zhaopin.

Sales fell by about 10 per cent on the previous first-half in what Seek called an intensely competitive market.

Seek said it and Zhaopin shareholders were talking to a consortium interested in buying ownership of Zhaopin.

The sale would be in the order of $2.2 billion and reduce Seek's stake to 23.5 per cent.

Shareholders will not receive an interim dividend. The previous interim dividend was 13 cents per share, fully franked.

However the company said it would pay a dividend prior to reporting full-year earnings in August.

Looking ahead, the company gave full-year earnings guidance of a net profit of about $100 million.

Mr Bassat said economic recovery would bode well for Seek.

Seek also said it intends to repay $9.8 million in government COVID-19 assistance, mostly the JobKeeper wage subsidy.

Shares were down 8.24 per cent to $27.84 at 1329 AEDT.