Foxtons chair Garry Watts is to step down from the board next year after six years at the estate agent.
He is expected to leave on or before the company’s AGM in May 2020.
Watts will be succeeded by Ian Barlow, who is currently a senior independent director and has been chairman of the audit committee since 2013.
Watts said: “A series of challenges to the health of the London property market have impaired [Foxtons’] recent trading performance but its balanced business model, strong net cash position and robust operating structure means that it is well placed to benefit from a recovery in sales volumes.”
In July, Foxtons reported a 29% fall in its pretax profit, with a £3.2m statutory loss before tax for the six months ended 30 June 2019.
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