Countrywide PLC’s (LON:CWD) chief executive officer, Alison Platt has resigned less than a week after the estate agency group issued a profit warning.
In a statement, the FTSE small cap firm said Peter Long will step up to become the group’s executive chairman until Platt’s successor is appointed.
READ: Countrywide issues profit warning after glum fourth quarter
It added that Paul Creffield, previously managing director, Commercial Development has been appointed group operations director with immediate effect.
Long, commented: "In Countrywide we have a strong and successful business in Financial Services, B2B and Commercial led by an experienced and committed management team.
“Within our core Sales and Lettings area, however, we have lost focus and a key priority will be to implement changes that will enable this area to start delivering once again.”
Countrywide shares crashed lower last Thursday after the group said its underlying earnings (EBITDA) for 2017 is expected to be around £65mln, down some 22% on 2016’s £83.5mln.
On the sales and lettings side, the firm added, EBITDA is expected to be around £26mln, down 45% year-on-year.
The shortfall was attributed principally to changes in the sales and lettings structure made over the last 12-24 months.
The group said it had begun to take a range of actions over the last quarter in the hope of restoring the business to profitable growth.