3rd Jun 2014 07:12
LONDON (Alliance News) - Estate agency Foxtons Group PLC saw its shares slide early Tuesday after it said Chief Executive Michael Brown had decided to step down on July 1 after 7 years at the helm, for personal reasons.
In a statement, the company said Chief Operating Officer Nic Budden will take over as CEO, while Brown has agreed to stay on the company's board as a non-executive director. Stefano Curzio will step down as a non-executive director October 1.
"Nic has worked side by side with Michael for many years and has been a core architect of Foxtons' success. He is the natural successor to Michael and the unanimous choice of the board," Chairman Garry Watts said in a statement.
"On behalf of everyone at Foxtons, I would like to thank Michael for his outstanding contribution both as COO and CEO. He hands over the leadership of the business to Nic in a strong position and with a clear strategy to continue its expansion," Watts added.
Brown joined Foxtons in 2002 as COO and CEO of its Alexander Hall division, and became group CEO in 2007 when private equity firm BC Partners took a majority stake in the firm. He oversaw the company's listing on the London Stock Exchange last year.
Budden joined Foxtons in 2005 as COO, having previously held positions at BT Group PLC, Cable & Wireless Group, and Severn Trent Group.
Foxtons shares were down 0.7% at 327.528 pence early Tuesday. It had listed at 230 pence last September.
By Steve McGrath; [email protected]; @SteveMcGrath1
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