Estate agency Foxtons Group
plc has announced a number of changes to its board.
The company say that Chairman Garry Watts will retire from the board at or before the AGM next May with Ian Barlow, currently senior independent director, succeeding him.
Alan Giles, currently a
non-executive director, will become senior independent director with a new non-executive
director to be recruited to his role as chair of the audit committee. Finally,
Patrick Franco, currently chief operating officer, will join the board as an
executive director on October 1st.
said: “Foxtons is an excellent company with a great team, which it has been a
pleasure to chair for the last six years. A series of challenges to the health
of the London
property market have impaired its recent trading performance but its balanced
business model, strong net cash position and robust operating structure means
that it is well placed to benefit from a recovery in sales volumes. I am
pleased that I will be succeeded by Ian Barlow who has been a first rate
non-executive and audit committee chair.”
The company say that the retirement of Garry Watts is ‘planned succession’. However, Foxtons’ performance has been unimpressive over the last year and there was shareholder dissatisfaction at the last AGM particularly regarding directors’ remuneration. So, there may be some who may feel that Foxtons planned succession has actually been planned rather well.