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Sky News Claims That Foxtons Removed Its CEO Due to Investor Pressure
Sky News reported on Sunday that London-based real estate agency Foxtons Group has appointed rival Chestertons' CEO Guy Gittins as its new CEO.
In response to mounting pressure from activist shareholders to sell the company, Gittins will succeed Nic Budden as CEO, according to a report.
Converium Capital, a Montreal-based investment vehicle with around a 2% ownership in Foxtons, urged the board to initiate a formal sale process in March 2022.
After CFO Chris Hough succeeded Richard Harris in April, Chestertons' hiring is the second major change in the company's upper management this year.
In a LinkedIn post, Gittins declared that Saturday would be his last day at Chestertons. He had been with the company for around ten years, including four as CEO.
Outside of work hours, neither Foxtons nor Chestertons quickly responded to Reuters' requests for comment.
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