The new Chief Financial Officer of Foxtons Plc Richard Harris has been given share options currently worth £150,000.
Industry publication The Negotiator says that Harris has been given the ‘golden hello’ of stock options of 300,000 ordinary shares and that based on the current share price of 51.6p this would be worth £153,000. However, Harris must wait five years before he can exercise his right to the shares.
Harris assumed the role of Chief Financial Officer in May after the previous incumbent Mark Berry left by mutual agreement.
Five years ago a package like this would have been worth upwards of £1.2m. However, Foxtons share price has slumped since with declining financial performance and a £3.2m loss in its latest half year results which it attributes to a prolonged downturn in the London sales market and continued political uncertainty. So, bearing in mind the current state of play regarding Brexit and the property market the award looks to be something of a gamble which could either pay off handsomely or, then again, might not.