iBuyNew Group Limited announced changes to the management and board of the company in support of the next phase of its growth. Alex Caraco has been appointed as chief executive officer of the company and joins the board as executive director with immediate effect. Alex joined the company in first half of 17, bringing 36 years' experience across the real estate sector, with a particular focus on high volume sales and management.

Prior to joining the company, Alex was the former CEO and master franchisor of Coldwell Banker Australia for 11 years. Mark Mendel, the company founder and outgoing chief executive officer of the company, has been appointed as head of strategy, reporting to Alex Caraco. In his new role, Mark will focus on further enabling the company's digital/technical capabilities, systems, processes and information to scale leads and sales volumes.

John Kolenda, non-executive director, has announced his retirement from the company board with immediate effect. John was appointed to the board in February 2013. John's retirement, together with the appointment of Alex Caraco, results in a streamlined, three-per board structure.

The new board now comprises Calvin Ng (Non-Executive Chairman), Andrew Jen (Executive Director) and Alex Caraco (Executive Director). In the coming months, Andrew Jensen will transition from executive director to non-executive director with a new part-time CFO fulfilling his executive duties.