26th Sep 2019 10:00
(Alliance News) - Foxtons Group PLC said Thursday Chair Garry Watts will retire from the estate agent and will be replaced by Non-Executive Director Ian Barlow.
Watts - chair since 2013 - will retire either at or before the annual general meeting of the firm in May 2020. He will be replaced by Barlow, who has also served as a non-executive at the company since 2013.
"Foxtons is an excellent company with a great team, which it has been a pleasure to chair for the last six years," Watts said.
"A series of challenges to the health of the London property market have impaired its recent trading performance but its balanced business model, strong net cash position and robust operating structure means that it is well placed to benefit from a recovery in sales volumes," Watts added. "I am pleased that I will be succeeded by Ian Barlow who has been a first rate non-executive and audit committee chair."
The process to find a new non-executive director to replace Barlow will start once he assumes the role of chair.
Shares in Foxtons were 0.3% higher at 50.00 pence in London on Thursday.
By Ahren Lester; [email protected]
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