In a surprise, sweeping move today, Immobilienscout24 (IS24) and Autoscout24 (AS24), the two sites generating close to all of the revenue of Scout24 Group, announced the replacement of their top managers effective immediately.
In a news release (here in German), IS24 said drr. Michael Bütter and Thomas Schroeter have taken the reins as co-managing directors. They replace Judith Jungmann and Stephan Spaete, who have left the company by mutual agreement, it said. Bütter and Schroeter will report to Greg Ellis, Scout24 Group CEO.
IS24, Germany’s largest real estate site, did not say how the two will share leadership responsibilities.
Bütter (47) joined Scout24 Group in 2015, serving as senior vice president (senior VP) and general counsel until his appointment as managing director of IS24.
Before this, he spent two years as chief investment officer and chief legal officer at Ferrostaal, a German industrial services provider. From 2008 to 2013, he worked as member of the executive committee and general counsel at Vonovia, Germany’s largest housing association.
Schroeter (38) has been at IS24 since the beginning of March, when he was appointed as senior VP of marketing and product. Previously, he worked for EBay Germany.
Over at AS24, operative heads Spaete (senior VP for sales and operations) and Christian Bubenheim (senior VP for marketing and product) have been replaced by Sebastian Lorenz and Felix Frank, according to an article today in AutomobileWoche.de (here in German).
Spaete had been concurrently serving as a senior VP of AS24, while heading up IS24. Like Spaete, Bubenheim has also left the organization.
The official managing directors of AS24 are Ellis and Christian Gisy, CFO of Scout24 Group. However, day-to-day operations are left to two VPs.
Lorenz and Frank presumably remain on as VPs of consumer marketing and product – posts they have held since 2015 – while taking on oversight responsibilities. The management changes come as a surprise since Scout24 Group posted strong growth last year, with AS24, Germany’s No. 2 auto site, leading the way.