Foxtons Refresh Board, Chairman To Retire

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.

Garry Watts 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.

Source Foxtons Group plc
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