Grant Harrod has resigned as chief executive of LJ Hooker following the company's decision to abandon plans to float on the Australian Stock Exchange.

The company has made the decision to scrap the float amid languishing property listings, and the threat of new technologies.

The disappointing performance of McGrath Real Estate's recent float could also have acted as a deterrent.

LJ Hooker is one of the most visible brands in Australia, with more than 700 franchises and 8,000 staff across the country, in New Zealand, the Pacific, and in Asia.

The Australian Financial Review has reported that Harrod said, "The company was looking to IPO and when I came onto the board in 2014 it was a key objective."

"Now the board has made the call of not wanting to proceed and that has made the role redundant for me," he said.

The Financial Review also reported that Harrod and other board members have disagreed over company guidance, but Harrod has denied any dispute.

Under Harrod's tenure, LJ Hooker has increased its national market share to 7 per cent from 6 per cent.

"Its been a fantastic three years," Harrod told The Financial Review.

LJ Hooker was formed in 1928 by Sir Leslie Hooker, and is still part-owned by his grandson, current chairman, Janusz Hooker. 

It is understood that Harrod will work with the board for as long as 6 months to facilitate a smooth transition.

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