Foxtons (LSE:FOXT) PLC, the London estate agent, has nabbed Guy Gittins from rival Chesterton as its new chief executive.
Nic Budden, Foxton’s current CEO, has stepped down with immediate effect having run the business for eight years.
Budden had been under pressure over the performance of Foxton’s share price, which is close to a five year low of 38p even with the buoyant UK housing market since Covid.
Institutions have reportedly written to the Foxtons board encouraging it to be sold with a new chairman in Nigel Rich appointed last year to help improve its performance.
Gittins has been Chestertons CEO since 2018, a period where he had “exponentially grown EBITDA, and transformed the business into a technology-led, performance-focused business, winning market share; increasing sales in each year; and significantly growing the lettings business both via acquisition and organically,” Foxtons said.
His appointment also marks a return to where Gittins first started as an estate agent, with spells working for Peter de Savary and Savills before he joined Chestertons in 2012.
Rich said: "On behalf of the board of Foxtons I am delighted to welcome Guy back to the business.
"His experience and success at Chestertons should be invaluable to Foxtons as the company continues its drive to improve profitability.”
Peter Rollings will be interim CEO until Gittins starts work on 5 September.
In its statement, Foxtons added it had made a good start to the financial year and current trading remains in line with expectations.