The chief executive of Countrywide has resigned days after the listed estate agent issued its second profit warning in three months, sending shares to an all-time low.
In a brief statement, the company behind high street chains including Hamptons and Taylors said Alison Platt, who joined in 2014, would be replaced by Peter Long, who will lead the company as executive chairman until a successor is appointed.
“The board acknowledges the commitment Alison has given to the group and wishes her well for the future,” Countrywide said.
Long said he would work on returning the company to profitable growth after the company had “lost focus” in its sales and lettings business.
The changes follow a warning from the company less than a week ago that the performance of its sales and letting business in the last three months of 2017 had been disappointing, particularly in London and the south-east.
Countrywide said that as a result, it expected profits to fall by 22% to £65m for the 2017 financial year, down from £83.5m in 2016.
Shares hit a new low on Tuesday, valuing the company, which is UK’s largest estate agent, at just £238m, but rose 2.4% to 102p in early trading on Wednesday after news of Platt’s departure.
The company said Platt would be paid a full year’s pay of £675,000 in lieu of a 12-month notice period.
Commenting on her departure, Platt said: “Since joining in 2014 I have worked hard, within a difficult market, to structure a fragmented business into one set for success. I believe those actions will serve Countrywide well in the future. However, the time is now right for me to step aside. I look forward to seeing the business build back and return to growth.”
Long, who was previously Countrwide’s non-executive chairman, will receive £360,000 a year for the period he is executive chairman, up from his current pay of £180,000.
Paul Creffield, previously managing director of commercial development at the firm, has been appointed operations director, with responsibility for the sales and lettings division.
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