Trade Me's Mod is moving on

TOM PULLAR-STRECKER
Last updated 13:17 17/06/2014
TME 5.120 -0.05 -0.97%
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mike o'donnell MOD
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NEW CHALLENGES: Trade Me's Mike O'Donnell will leave the company in August.

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Trade Me chief operating officer Mike O'Donnell will leave the company a year after taking on the job of reviving the "general items" marketplace.

O'Donnell said he would stay until August to help with a transition plan and did not know what his next venture would be. Trade Me chief executive Jon Macdonald said O'Donnell had made a huge contribution to Trade Me during his 10 years at the business.

Macdonald passed responsibility for Trade Me's general items market to the "seasoned executive" last August after the value of new and second-hand general items sold through its website flatlined in the year to June 2013, pegging back the company's overall growth.

Trade Me shares are trading at a two-year low, having lost the bulk of the gains they made since their 2011 NZX-debut. Growth concerns have been fuelled by a public row with parts of the real estate industry over property listings fees.

Deutsche Bank analyst Steven Ridgewell said last month that it had factored in "below single-digit growth" for Trade Me's general items business and the trading results it saw for the first half of this financial year did not encourage it to take a different view.

Trade Me shares were down 1 cent during lunchtime trading at $3.58.

O'Donnell, who contributes to stuff.co.nz, will continue to write a motoring column for Trade Me Motors.

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