Foxtons Group Plc made an official statement today, revealing that its Chief Executive Officer – Mr. Michael Brown has decided to depart from the company for personal reasons. The announcement of his departure comes about eight months after the property broker organized its initial public offering.
According to the companys statement, Mr. Michael Brown will be succeeded by Mr. Nic Budden, who currently occupies the position of Chief Operating Officer from July 1st. Mr. Brown, however, will keep his position on the companys board as a non-executive director. Foxtons Gorup Plc Chairman Mr. Garry Watts described Mr. Budden as a “natural successor” of the former CEO and also called him “the unanimous choice of the board”.
Foxtons Group Plc Chairman Watts said in the companys statement: “On behalf of everyone at Foxtons, I would like to thank Michael for his outstanding contribution. He hands over the leadership of the business to Nic in a strong position and with a clear strategy to continue its expansion. I am delighted that we will still benefit from his experience in his new role as a non-executive director.”
Mr. Brown is resigning after spending 12 years in the company. He has been occupying the CEOs position for about seven years. Mr. Browns replacement – Mr. Budden has been working as a Chief Operating Officer for almost a decade now.
As reported by the Financial Times, one of the analysts, who work at Canaccord Genuity Group – Robin Savage commented on the CEOs decision to step down: “Michael Brown’s role was creating the professional agent structure that transformed the business over the past decade, and Nic Budden will build on that legacy. The investment case for Foxtons is about the rollout of branches, and the key individual responsible for that is Nic Budden. He is the appropriate person to take over.”
Foxtons Group Plc was losing 4.91% to trade at 313.60 pence per share in London trading as of 12:17 GMT. According to the information published on the Financial Times, the 3 analysts offering 12-month price targets for Foxtons Group Plc have a median target of 420.00, with a high estimate of 429.87 and a low estimate of 382.00. The median estimate represents a 27.31% increase from the last price of 329.90.
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