In a surprise announcement, Scout24 (G24: Xetra), operator of German real estate portal ImmobilienScout24 and auto site AutoScout24, announced Wednesday night that CEO Greg Ellis will step down for personal reasons. Scout24 stock tumbled nearly 3 percent yesterday on the news.

Greg Ellis (courtesy of Scout24 AG)

No date was named for his departure. Ellis (LinkedIn profile) is in discussions with the board, the news release (in German) said: “Whether and, if so, on what terms an agreement with Mr. Ellis will come about, is currently still open. This also applies to the time of a possible departure of Mr. Ellis. A required resolution of the Supervisory Board is still pending.”

Ellis joined Scout24 in March 2014 after serving as CEO of Australian online real estate company REA Group, for six years. He was instrumental in Scout24’s public listing in 2015 and has overseen a period of strong growth, including monetization, in-house product developments and acquisitions.

Scout24 was admitted to the MDAX, a stock index representing the 50 largest companies below the DAX (top 30 stocks traded on the Frankfurt Exchange) in June. The company is valued at €4.7 billion ($5.5 billion U.S.).

See a more complete bio of Ellis and his presentation on growing an auto site business at the most recent AutosPlus Conference here.

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