Property listing platform Lamudi Philippines has roped in former RE/MAX Philippines country manager Kenneth Stern as its new chief executive officer, succeeding Bhavna Suresh, who has served the company for four years.
Stern joins Lamudi Philippines after a four-year stint at RE/MAX Philippines, the country’s largest real estate broker by the number of offices, agents, and transaction volume, according to an announcement.
“I could not be more eager to take on the challenge of leading the company to its envisioned hyper-growth phase, supporting the industry through the unprecedented crisis we’re currently facing,” Stern said.
Stern’s appointment as the company’s new CEO came four months after OLX Group-backed property listing platform EMPG has fully acquired Lamudi Global, a competitor operating in emerging markets, such as Indonesia, the Philippines, and Mexico, for an undisclosed amount.
The acquisition follows a string of major deals made by the Dubai-headquartered company, including the acquisition of Kaidee in Thailand and a $150 million strategic fundraise from OLX Group, which saw it merging with OLX’s MENA and South Asia businesses. The deal valued EMPG at over a billion dollars, propelling the company to unicorn status.
EMPG, or Emerging Markets Property Group, already owns several property listing platforms including Bayut in the UAE, Saudi Arabia, and Jordan, Dubizzle in the UAE, Zameen in Pakistan, Bproperty.com in Bangladesh, and Mubawab in Morocco and Tunisia, in addition to several OLX platforms across the GCC.