The chief executive of Nine’s digital real estate business Domain will step down after six years, sparking another succession hunt at the media company.

Jason Pellegrino is the latest high-profile departure in a turbulent year for Nine, which has included the exits of Nine chair Peter Costello and chief executive Mike Sneesby. Pellegrino will stay on while the company searches for a successor.

Domain, Nine’s most valuable asset, is down 10 per cent on the ASX across 2024, with its performance cast against News Corp-controlled REA Group, which is up 24 per cent across the same period.

Around 60 per cent of Nine’s market value is derived through its stake in Domain, according to the valuation of both companies as of Tuesday evening. Nine is increasingly eager to see its financial returns from Domain increase. Profits rose 26 per cent in Domain’s most recent full-year results.

While Pellegrino led Domain through the Nine and Fairfax merger, he also stabilised the company following the exit of its former chief executive Antony Catalano and questions over a broken culture, just two months after it went public in 2017.

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Domain chair Nick Falloon said he was grateful for Pellegrino’s contribution to the business, worth $1.95 billion at close of business on Tuesday.

“He leaves Domain in a strong financial, operational and cultural position, underpinned by robust digital infrastructure that enables us to be highly competitive across the entire property ecosystem,” Falloon said.

He also paid tribute to Pellegrino for his leadership through disruptive periods, including the pandemic, and for overhauling the company’s organisational culture.