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iCar Appoints Former Ebay Chief as CEO

iCar Appoints Former Ebay Chief as CEO
iCar Asia owns a network of the leading automotive websites amongst the ASEAN (Association of South East Asian Nations) countries, and has its headquarters in Kaula Lampur, Malaysia.
Apr 04, 2016 By Kaivalya Kandarpa Tags: ICQ

iCar Asia Limited (ASX:ICQ) announced the appointment of Mr. Hamish Stone, the former head of markting at eBay as its new Chief Executive Officer, with effect from June 2016.

iCar Asia owns a network of the leading automotive websites amongst the ASEAN (Association of South East Asian Nations) countries, and has its headquarters in Kaula Lumpur, Malaysia. carsales.com (ASX:CAR) has 20.2% ownership interest in iCar Asia.

Mr. Stone is currently the Director of Automotive and Verticals at Marktplaats.nl, the leading online classifieds site in the Netherlands. Prior to this, Mr. Stone was the head of the Motors and Marketing segment at Gumtree.com in the UK. He also acted as the Head of Marketing and Advertising at eBay Australia and New Zealand. The company believes Mr. Stone’s extensive online classifieds experience will lead the company through its next phase of growth.

Mr. Patrick Grove, Chairman of iCar Asia was pleased to welcome Mr. Stone into the new role: “As the business transitions into a new and extremely exciting phase, Hamish’s tremendous experience in online classifieds makes him the perfect candidate to take iCar Asia Ltd through its next phase of development and growth.”

The current CEO, Mr. Damon Reilly, who has spent almost 4 years in the role, has resigned to return to Australia. Mr. Grove acknowledged Mr. Reilly’s contribution to the company and stated that he has been instrumental in building iCar Asia’s business “from a small start up to the dominant player it is today.”

FY15 Results

The company released the financial results for the year ended December 2015. Group revenue expanded 123% to $6.3 million, while expenses grew 11% to $17.7 million. Subsequently, iCar Asia narrowed its net loss to $12.5 million, from $16.7 million during FY14. The company ended the year with $18.5 million in cash and cash equivalents.

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Kaivalya Kandarpa Author: Kaivalya Kandarpa Apr 04, 2016

Kaivalya is an equity analyst and a client advisor at Wise-owl. She specialises in fundamental and technical analysis for large and mid-cap companies. Having completed her bachelor's degree in Business Administration majoring in Finance, Kaivalya has a comprehensive understanding of international stock market movements. She tracks local and overseas markets and compiles analytical reports for various industries.

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