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Foxtons replaces CEO amid rising pressure from activist investors - Sky News (May 29)

Published 29/05/2022, 23:59
Updated 30/05/2022, 11:28
© Reuters. FILE PHOTO: A signage is seen outside a branch of Foxtons estate agents in Islington, London, Britain, December 10, 2021. REUTERS/May James/File Photo

(In paragraph 4, corrects "Chestertons' appointment" to "Gittins' appointment")

(Reuters) - London-based real estate agent Foxtons (LON:FOXT) Group has decided to appoint rival Chestertons' CEO Guy Gittins as its new CEO, Sky News reported on Sunday.

Gittins will take over from Nic Budden in the face of rising pressure from activist shareholders to sell the company, the newspaper reported https://news.sky.com/story/foxtons-gazumps-london-rival-chestertons-with-raid-on-ceo-gittins-12623917.

In March 2022, Converium Capital, a Montreal-based investment fund that has about a 2% stake in Foxtons, had sent a letter to the board urging it to begin a formal sale process.

Gittins' appointment is the second big move in the company's top-level management this year after CFO Chris Hough succeeded Richard Harris in April.

© Reuters. A man pulls a suitcase past a branch of Foxtons estate agent, in north London September 3, 2013. Britain's Foxtons priced its London listing at the top of its range, valuing the estate agent at 649 million pounds ($1 billion) and defying concerns the property market is overheating. Foxtons said on September 20, 2013 it had sold a 60 percent stake for 230 pence per share, the top of its original 190 pence to 230 pence per share range. Photograph taken on September 3, 2013.    REUTERS/Suzanne Plunkett  (BRITAIN - Tags: BUSINESS)

Gittins announced his last working day at Chestertons on Saturday in a LinkedIn post https://www.linkedin.com/posts/guygittins_teamchestertons-activity-6936663918152986624-PTvj?utm_source=linkedin_share&utm_medium=member_desktop_web. He had been at the company for about a decade, including fours years as CEO.

Foxtons and Chestertons did not immediately respond to Reuters' requests for comment outside of business hours.

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