AMSTERDAM--(BUSINESS WIRE)--Apr 18, 2024--
Today OLX Group (“OLX”), a global marketplace leader that builds platforms to facilitate trade, announces the appointment of Christian Gisy as CEO.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240417714173/en/
Christian will be responsible for leading the strategy, growth and development of the company’s operations in Europe and South Africa, including for its high-profile brands like OLX, Otomoto, Standvirtual, Property24 and AutoTrader. He will report to Ervin Tu, Interim CEO of Prosus, one of the largest technology investors in the world and the owner of OLX Group.
Headquartered in Amsterdam, OLX is one of the fastest-growing classified businesses globally. In today’s macroeconomic environment, the ability for both company and consumer sellers to provide affordable products and services is more valuable than ever. OLX exists to enable buyers to afford things they would not usually buy as new, and to enable sellers to make extra cash and generate their own revenue stream. Every month, OLX platforms display more than 73m active listings, with more than 13m people posting items for sale.
As the former CEO of CinemaxX and AUTODOC, CFO of Scout24 Group and Managing Director of AutoScout24 Group, Christian has built a strong track record coupled with significant experience in delivering growth and value expansion at marketplace and eCommerce businesses. Christian also served as chairman of the Advisory Board at Avito - one of OLX Group’s former highly successful businesses.
Ervin Tu, Prosus Interim CEO, commented: “Christian’s experience as a CEO will bring important expertise and leadership to OLX Group as it continues to grow. Christian also has a deep understanding of the Classifieds sector and knows the Group well from a previous advisory role. We are delighted to welcome him to OLX.”
As well as focusing on business performance, profitability and growth, Christian will ensure innovation continues to be core to OLX’s overarching strategy. Tech developments, especially in Artificial Intelligence and Machine Learning, continue to drive innovation into the classifieds space and create new market opportunities and customer standards.
Christian Gisy, OLX Group CEO, said: “I am thrilled to join OLX and lead the business through its next phase of growth. OLX has fantastic talent, brands, data and technology - helping connect millions of people and businesses and enabling them to transact online. Added to that, OLX is using transformative technology, including AI, to bolster the circular economy, so we also have an important role to play in enabling a more sustainable future.”
Christian takes the CEO role after a period of sustained business progress at OLX. In November 2023, as part of Prosus’ HY24 results, OLX reported peer-leading growth of +32%. In the same period, the company’s trading profit more than doubled to US$94m, with trading profit margin increasing 12 percentage points, to 27%.
Lydia Paterson, outgoing OLX CEO, will take on the role of Operating Partner, overseeing Prosus Classifieds portfolio investments outside of Europe and South Africa, until retiring at the end of the year.
Tu added: “I want to thank Lydia, who has done an outstanding job leading OLX as its CFO for nearly seven years and as CEO for the past year. She has built a strong business and team and has been an instrumental part of the OLX journey. She will be missed by all colleagues.”
About OLX Group
OLX is a global marketplace leader that builds platforms to facilitate trade. Serving tens of millions of people around the world every month, OLX exists to enable buyers to afford things they would not usually buy as new, and to enable sellers to make extra cash and generate their own revenue stream.
OLX is the classifieds business of Prosus, one of the largest technology investors in the world. Operating and investing globally in markets with long-term growth potential, Prosus builds leading consumer internet companies that empower people and enrich communities.
For more information on OLX, visit www.olxgroup.com. For more on Prosus, its companies and investments, visit www.prosus.com.
(Photo: Business Wire)
(Photo: Business Wire)
HONG KONG (AP) — Asian stocks fell Wednesday with most of the markets in the region closed for a holiday. Meanwhile, U.S. stocks closed out their worst month since September.
Oil prices were lower and U.S. futures were mixed.
Tokyo’s Nikkei 225 index lost 0.8%, down to 38,089.09 in early trading after the country’s factory activity experienced a milder shrink in April, as the manufacturing purchasing managers’ index from au Jibun Bank rose to 49.6 in April from 48.2 in March. A PMI reading under 50 represents a contraction, and a reading of 50 indicates no change.
The yen continues to struggle. On Wednesday, the U.S. dollar rose to 157.89 Japanese yen from 157.74 yen.
Australia’s S&P/ASX 200 dipped 1.2% to 7,574.20. Other markets in the region were closed due to the Labor Day holiday.
On Tuesday, the S&P 500 tumbled 1.6% to cement its first losing month in the last six, and ended at 5,035.69. Its momentum slammed into reverse in April — falling as much as 5.5% at one point — after setting a record at the end of March.
The Dow Jones Industrial Average dropped 1.5% to 37,815.92, and the Nasdaq composite lost 2% to 15,657.82.
Stocks began sinking as soon as trading began, after a report showed U.S. workers won bigger gains in wages and benefits than expected during the first three months of the year. While that’s good news for workers and the latest signal of a solid job market, it feeds into worries that upward pressure remains on inflation.
It followed a string of reports this year that have shown inflation remains stubbornly high. That’s caused traders to largely give up on hopes that the Federal Reserve will deliver multiple cuts to interest rates this year. And that in turn has sent Treasury yields jumping in the bond market, which has cranked up the pressure on stocks.
Tuesday’s losses for stocks accelerated at the end of the day as traders made their final moves before closing the books on April, and ahead of an announcement by the Federal Reserve on interest rates scheduled for Wednesday afternoon.
No one expects the Federal Reserve to change its main interest rate at this meeting. But traders are anxious about what Fed Chair Jerome Powell may say about the rest of the year.
GE Healthcare Technologies tumbled 14.3% after it reported weaker results and revenue for the latest quarter than analysts expected. F5 dropped 9.2% despite reporting a better profit than expected.
McDonald’s slipped 0.2% after its profit for the latest quarter came up just shy of analysts’ expectations. It was hurt by weakening sales trends at its franchised stores overseas, in part by boycotts from Muslim-majority markets over the company’s perceived support of Israel.
Helping to keep the market’s losses in check was 3M, which rose 4.7% after reporting stronger results and revenue than forecast. Eli Lilly climbed 6% after turning in a better profit than expected on strong sales of its Mounjaro and Zepbound drugs for diabetes and obesity. It also raised its forecasts for revenue and profit for the full year.
Stocks of cannabis companies also soared after The Associated Press reported the U.S. Drug Enforcement Administration will move to reclassify marijuana as a less-dangerous drug in a historic shift. Cannabis producer Tilray Brands jumped 39.5%.
The earnings reporting season has largely been better than expected so far. Not only have the tech companies that dominate Wall Street done well, so have companies across a range of industries.
In the bond market, the yield on the 10-year Treasury rose to 4.67% from 4.61%.
Benchmark U.S. crude fell 76 cents to $81.17 a barrel. Brent crude, the international standard, lost 72 cents to $86.51 a barrel.
In currency trading, the euro cost $1.0658, down from $1.0663.
A person passes the New York Stock Exchange on Tuesday, April 30, 2024 in New York. Global shares are trading mostly higher as investors keep their eyes on potentially market-moving reports expected later this week. (AP Photo/Peter Morgan)
A person looks at an electronic stock board showing Japan's stock prices at a securities firm Tuesday, April 30, 2024, in Tokyo. Asian shares mostly rose Tuesday, as investors kept their eyes on potentially market-moving reports expected later this week. (AP Photo/Eugene Hoshiko)
A window cleaner works along the window of at a securities firm building Tuesday, April 30, 2024, in Tokyo. Japanese characters read as "securities." (AP Photo/Eugene Hoshiko)
A person walks in front of an electronic stock board showing Japan Yen/U.S. dollar exchange rate at a securities firm Tuesday, April 30, 2024, in Tokyo. Asian shares mostly rose Tuesday, as investors kept their eyes on potentially market-moving reports expected later this week. (AP Photo/Eugene Hoshiko)
A person stands in front of an electronic stock board showing Japan's Nikkei 225 index at a securities firm Tuesday, April 30, 2024, in Tokyo. Asian shares mostly rose Tuesday, as investors kept their eyes on potentially market-moving reports expected later this week. (AP Photo/Eugene Hoshiko)
A person walks in front of an electronic stock board showing Japan's Nikkei 225 index at a securities firm Tuesday, April 30, 2024, in Tokyo. Asian shares mostly rose Tuesday, as investors kept their eyes on potentially market-moving reports expected later this week. (AP Photo/Eugene Hoshiko)
People pass by an electronic stock board showing Japan's Nikkei 225 index, left, and U.dollar/Japanese yen conversion rate at a securities firm Tuesday, April 30, 2024, in Tokyo. Asian shares mostly rose Tuesday, as investors kept their eyes on potentially market-moving reports expected later this week.(AP Photo/Eugene Hoshiko)
People stand in front of an electronic stock board showing Japan's Nikkei 225 index at a securities firm Tuesday, April 30, 2024, in Tokyo. Asian shares mostly rose Tuesday, as investors kept their eyes on potentially market-moving reports expected later this week.(AP Photo/Eugene Hoshiko)
