Duncan Horton, the dot.com's former UK interim marketing director, becomes chief executive, while Stuart Parish, lastminute.com's former head of retail marketing, is marketing director.
Horton said Freeads.co.uk, which launched in 2001, aims to grow from being the third largest classified ad site to first, overtaking Gumtree and Adtrader.
It also intends to treble the volume of unique ads from the current level of more than 55,000 per day to 150,000 in the next six months.
The new team is completed by chairman Clive Jacobs, founder of car hire company Holiday Autos, who bought a major stake in the business earlier this year.
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