The Agency Fires CEO Geoff Lucas Amid Financial Struggles

In a surprising move, The Agency has dismissed its CEO, Geoff Lucas, amid ongoing financial difficulties. The decision comes as the ASX-listed real estate firm faces significant losses.

The company, known for its focus on luxury real estate, has not disclosed the specific reasons behind Mr. Lucas’s departure. However, two senior sources familiar with the situation revealed that the firing followed an incident at a recent corporate retreat in Queenstown, New Zealand.

On Friday, The Agency informed investors of Mr. Lucas’s immediate termination. He had been with the company for about three and a half years, joining from McGrath Real Estate.

Mr. Lucas, who was let go just before his departure became public, has denied that the New Zealand event was a factor in his dismissal. He suggested that his differences with the board regarding the company's direction were the real issue.

In the wake of his exit, The Agency has appointed Chief Operating Officer Andrew Jensen, East Coast Real Estate CEO Matt Lahood, and West Coast Executive Director Paul Niardone to oversee his responsibilities.

The company reported a $3.1 million loss for the first half of the last financial year and a $4.3 million loss in the previous year. Under the terms of his contract, The Agency could terminate Mr. Lucas’s employment without cause. Last year, Mr. Lucas earned a base salary of $524,712, with bonuses bringing his total compensation to over $750,000.