PropertyGuru names new CEO as Hari V. Krishnan steps down

PropertyGuru has appointed Lewis Ng (pictured left) as CEO, effective March 2025. In his new role, Ng will lead the group into its new chapter of growth and innovation. He takes over the role from Hari V. Krishnan (pictured right), who will step down from the role to pursue new interests. 

As CEO, Krishnan played a central role in transforming PropertyGuru from a start-up to a leading property tech company. He led as PropertyGuru incubated new businesses and solutions that solve the consumer journey. Under his leadership, the company built a clear market leadership position in Southeast Asia and was successfully acquired by EQT Private Capital Asia. Krishnan will continue to be closely involved with PropertyGuru as senior advisor to the board once Ng is in place.

Ng is a seasoned leader with over two decades of experiences across Asia and the technology industry. With expertise spanning sales, customer service, strategy, and operations, Ng has scaled businesses from the ground up and transformed start-ups into unicorns and driven efficient, scalable growth in well-established companies. 

Don't miss: PropertyGuru to be acquired for US$1.1 billion

He rejoins PropertyGuru from SEEK where he held the role of chief operating officer, Asia at SEEK. Prior to which, he was chief commercial officer at Carousell where he built and accelerated the commercial business and strategy of the platform, and commercial director, APAC at TripAdvisor. His longest stint was nearly six years at PropertyGuru where he served as managing director of Singapore and chief business officer for the group. In these roles, Ng drove growth and fostered a customer-centric culture.  

Ng also held leadership roles at TripAdvisor, Global Yellow Pages, Apple and Telstra, according to his LinkedIn. He is presently a board director at Zhaopin, an employment market place in China too. 

“After an incredible decade, I have decided that the time is right for me to pursue new interests and for the company to transition to new leadership. During my tenure, I’ve had the privilege of working with amazing teams to achieve some significant milestones and I am very proud that we have done so while building a culture that fosters inclusion and innovation – something I consider unique and our competitive differentiator," said Krishnan. 

"I have known Ng for over a decade and had the privilege of working closely with him for more than three years. I am confident he will bring a fresh perspective to our organisation while staying deeply aligned with our vision and values. I look forward to supporting him and the team through this transition and beyond," Krishnan added. 

Meanwhile, Ng said that he is thrilled to return to PropertyGuru, a company that has always held a special place in his heart. "During my previous time here, I experienced firsthand the incredible culture of collaboration, innovation, and customer-centricity that sets PropertyGuru apart. The company’s journey over the past decade under Krishnan’s leadership has been remarkable, and I am excited to build on this strong foundation as we look to the future," said Ng. 

In tandem, PropertyGuru has named Trevor Mather (pictured above) as chairman of the board of directors. Trevor brings a wealth of experience in scaling marketplace businesses, having previously served as CEO of Auto Trader, where he successfully transitioned the business into a fully digital platform and established it as a leader of the UK automotive marketplace.

Mather is currently chairman of Baltic Classifieds Group, further underscoring his expertise in leading and growing marketplace businesses.

“PropertyGuru is a strong and innovative company that has firmly established itself as Southeast Asia’s leading PropTech platform, with an impressive track record of delivering value and driving growth. I am delighted to work alongside the talented leadership team and the board to continue building on this momentum and exploring new opportunities for the group," said Mather.

"I would like to acknowledge Krishnan’s exceptional contributions over the past decade, which have laid a solid foundation for future success. With Lewis returning as CEO, bringing his deep expertise and passion for the business, I am confident PropertyGuru is poised to achieve even greater milestones in the years ahead," added Mather. 

The new appointments follow the recent news of EQT Private Capital Asia's acquisition of PropertyGuru. 

The acquisition by EQT Private Capital Asia will be made in an all-cash transaction that values PropertyGuru at an equity value of approximately US$1.1 billion. 

Under the terms of the merger, each ordinary share of the company issued and outstanding immediately before the acquisition will be cancelled and converted automatically into the right to receive a cash amount equal to US$6.70 per share, without interest. 

This amount represents a 52% premium to PropertyGuru's closing share price on 21 May 2024, the last unaffected trading day prior to media speculation regarding a potential transaction, said PropertyGuru in a statement.

PropertyGuru added that the merger represents a 75% and 86% premium to the company's 30-day and 90-day volume-weighted average share price respectively for the period ending 21 May. 

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