London’s leading estate agency Foxtons has announced two senior level changes as the firm continue to fight record lows of residential sales.
Alan Giles will become a non-executive Director (coming into effect from 1st June), while the current Executive Director and Chief Financial Officer will be leaving the company by mutual consent on 31st July.
Departing CFO Mark Berry will receive a payment of three months’ salary in lieu of any bonus earned and is set to be replaced by Laird PLC’s Group Financial Controller Richard Harris, who also spent over eight years at Marks & Spencer.
Garry Watts, Chairman of Foxtons, said: “On behalf of the Board and everyone at Foxtons, I would like to thank Mark for his substantial contribution over the past two and a half years, during which time the business has undergone a period of rapid change and development. We wish Mark every success in his future new challenges. We are delighted to welcome Richard to our team. His skills and experience are a great fit for the Group and will be invaluable as we continue to pursue our strategic objectives.”
The shakeup at board-level comes as the Foxton’s Group has endured record lows, with with the ongoing Brexit deliberation having a disastrous impact on the market.
Foxton’s Group has reported that revenue is down 3% from the three months to 31st March compared to the same period last year.
Non-executive Director Mr Giles is currently the senior independent non-executive director of Perpetual Income and Growth Investment and was recently the chairman of the remuneration committee of Rentokill until May 2017.
Speaking of his appointment, Alan said: “I am delighted to be joining Foxtons, which is a well-differentiated brand with a strong market position. I am looking forward to working with the Board and management team.”