Estate agent Foxtons revealed on Wednesday that chairman Ian Barlow had informed the company of his intention to retire from the board just as the group’s 2021 first-half profits were seen being “significantly ahead” of the prior two years.
Foxtons said Barlow would step down from the board after nine years as soon as a successor has been appointed and no later than 31 December.
The London-listed firm’s nomination committee will carry out the process to identify and recommend the appointment of Barlow’s successor, with the process led by senior independent director Alan Giles, with assistance from search firm Korn Ferry.
Barlow said: “A series of challenges to the London property market since the Brexit referendum, compounded more recently by the pandemic, have impaired our recent trading performance.
However, the business has huge potential and I am confident that the refreshed growth strategy, agreed by the board last year and set out in the capital markets day presentation in June, will result in a substantial rebound in performance.”
Barlow added that there were already signs of this turnaround, with adjusted operating profit for the first half of the year expected to be “significantly ahead” of both 2020 and 2019.
“Our strategy will take time to deliver and with only one further year to serve under UK governance rules I consider this is the right time to hand over to a successor to oversee its execution,” he added.
As of 1310 BST, Foxtons shares were down 0.34% at 58.80p.