Foxtons replaces CEO amid rising pressure from activist investors – Sky News (May 29)
(In paragraph 4, corrects “Chestertons’ appointment” to “Gittins’ appointment”)
(Reuters) – London-based actual property agent Foxtons Group has determined to nominate rival Chestertons’ CEO Man Gittins as its new CEO, Sky Information reported on Sunday.
Gittins will take over from Nic Budden within the face of rising strain from activist shareholders to promote the corporate, the newspaper reported https://information.sky.com/story/foxtons-gazumps-london-rival-chestertons-with-raid-on-ceo-gittins-12623917.
In March 2022, Converium Capital, a Montreal-based funding fund that has a few 2% stake in Foxtons, had despatched a letter to the board urging it to start a proper sale course of.
Gittins’ appointment is the second massive transfer within the firm’s top-level administration this 12 months after CFO Chris Hough succeeded Richard Harris in April.
Gittins introduced his final working day at Chestertons on Saturday in a LinkedIn publish https://www.linkedin.com/posts/guygittins_teamchestertons-activity-6936663918152986624-PTvj?utm_source=linkedin_share&utm_medium=member_desktop_web. He had been on the firm for a few decade, together with fours years as CEO.
Foxtons and Chestertons didn’t instantly reply to Reuters’ requests for remark exterior of enterprise hours.
(Reporting by Rachna Dhanrajani in Bengaluru; Enhancing by Hugh Lawson)
