The former finance director of Tesco will no longer take up a new post as estate agency group Countrywide’s chief operating officer.
Countrywide announced in a stock exchange announcement after the market closed that Bruce Marsh had told the company “he will no longer be joining the business”.
The company announced last October that Marsh would join the company as chief operating officer and executive director on the board.
At the time, Countrywide chairman Peter Long said Marsh would bring with him a “proven track record that will assist the company’s turnaround strategy”.
Countrywide’s statement gave no reason for Marsh’s decision.
The announcement follows the news earlier this week that a potential deal to tie up Countrywide with rival LSL Property Services has been dropped, with LSL deciding not to make an offer to merge with Countrywide.
That development came on the back of a statement from Countrywide last week that it has been unable to complete the sale of its Lambert Smith Hampton business as planned, and that it may take legal action against agreed buyer John Bengt Moeller.
The company’s shares closed today down 31% at 56p. The company has a market capitalisation of £26.5m.
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