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The chief executive of LJ Hooker, Grant Harrod, has resigned as the real estate giant shelves plans for a $400 million listing on the Australian Stock Exchange.
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McGrath will remain an executive director on the board, but day-to-day operations will be managed by new CEO Cameron Judson.
McGrath has called for a trading halt to its shares, as the company reviews its forecasts.
Nation's largest real estate network predicts the return of investor activity.
McGrath shares were weaker on their trading debut, in a flat market.
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