Leadership shakeup at Finder: Australian CEO exits in recent layoffs

In February comparison website Finder made 60 employees redundant, which was roughly 17% of its global staff. SmartCompany can now confirm that one of the roles was of the CEO of Finder Australia, Chris Ellis.

It was our understanding that Ellis’ role was made redundant in the same week as other employees within the company. However, Finder would not confirm specific roles that were impacted at the time.

Since then Ellis has been removed from the company’s leadership page. He also hinted at his impending departure in a March 22 LinkedIn post regarding Finder’s recent crypto win in the Federal Court against ASIC.

Speaking with SmartCompany, Ellis confirmed he will be leaving the business at the end of May before moving into an advisory role. This has also been confirmed by Finder.

“Finder has recently undertaken an organisational restructure resulting in our Global CEO Frank Restuccia taking on the responsibilities of Australia. Chris Ellis is transitioning out of the business and will work in an advisory capacity,” a Finder spokesperson said in an email to SmartCompany.

“We thank him for his focus on leadership and deepening existing and building new partnerships as well as for everything he’s done for Finder – including his dedication to our crew, partners, and customers over the last four years.”

Ellis is currently working through the transition period with Finder co-founder and Global CEO, Frank Restuccia “so those accountable for future business success are in the driving seat now versus waiting”.

“[My] first thoughts were supporting any directly and indirectly impacted crew. That has been my priority over the last few weeks,” Ellis said.

According to Ellis, his departure was a mutual agreement between himself and Finder.

“In terms of my role, the wider business context is that we’re moving to an organisation that’s more AU-focused and smaller,” Ellis said.

“Speaking with Frank, with much love and respect, it was equally visible to us both that two Sydney-based CEO roles (both global and AU) weren’t going to be needed.”

Ellis was appointed CEO of Finder Australia in 2020. Prior to this, he was the vice president of commercial and business development at Viacom CBS. He previously held senior roles at AOL and MySpace.

“I’ve had an incredible 4 years – leading through Covid and the Covid recovery, strong Australian growth, significant engagement scores gains, M&A and partnership wins… and many many highlights,” Ellis said.

“I’m pleased to be going out with my head held high, and it’s great to be signing off with the recent ASIC win too.

“It’s on very good terms — my primary concern has been on helping set the organisation (and AU Leaders and crew) up for success the best I can.”

Frank Restuccia remains the CEO of the global arm of the business alongside Jeremy Cabral as COO.

Jon Ostler remains the CEO of Finder UK — a position he has held for over seven years. Ostler’s LinkedIn Profile also states he is the CEO of Finder US. Co-founder Fred Schebesta stepped down as co-CEO of global in December 2022. Schebesta now serves as executive chair of the business.

One of many

This development follows a tumultuous period for the company, which has now executed its fourth round of layoffs since April 2023. Finder has confirmed that all impacted staff retain any shares they had in the company.

The redundancies affecting Australian and global positions were announced during a brief global all-hands meeting on February 21, where employees were informed of the company’s unsuccessful attempts at alternative cost-cutting measures.

The layoffs have impacted various departments, including editorial and publishing in Australia. SmartCompany understands that the product and engineering teams in the US were also impacted.

Over the past 12 months, Finder has experienced significant workforce reductions, with approximately 175 jobs cut across four separate rounds.

The company has seen over 23% of its workforce reduced in 2023 alone, a stark contrast to its status in 2021 when it boasted over 500 employees globally.

However, the company says that it is still looking to grow globally.

“Whilst Australia remains the core focus of the business, we are committed to growing our business in the US, UK and Canada,” a company spokesperson said.

Disclosure: The author is a former employee of Finder.