The CEO of Purplebricks’ Australian arm Ryan Dinsdale is to leave his post, it has been announced.
After a transition period Dinsdale will leave in March 2019. He will be replaced by the company’s Chief Operating Officer (and former Rightmove executive and high-flying sales czar) Neil Tavender, who joined the company in August.
Purplebricks’ share price fell to an all time low of 162p on the news, but has since rallied.
Purplebricks’ latest Trading Update blamed the ‘challenges’ its Australian business has experienced on the ‘tough market backdrop’ there. However, Dinsdale has endured a rocky year for a number of other reasons including embarrassing claims about the viability of its sales model and working practices, together with mounting losses.
Although Dinsdale is reported to have said that the “time was right to pursue another venture” the real reason for high level departures of this kind is rarely made public at the time of course. Investors are sure to be ‘watching this space’.