Cluttons

News

Julia Cahill

14 May 2005

Mid-sized agent Cluttons has appointed a new generation of young chief executives to run its business and is overhauling its bonus system.

Senior partner Richard Cotton said the 550-strong firm needed chief executives in their late 30s and early 40s “to keep the energy levels up and bring on new people”. (put in ages??)

Bill Siegle takes over in commercial, Paul Chilton in project and building consultancy, Julian Briant in residential professional, Robert Bartlett in residential agency, Chris Jowett in rural asset management and Don Bradley will head Cluttons’ Middle East business.

Their predecessors, who are mostly in their mid-50s, are all returning to fee earning and client relationship roles. They are: LINE TO ADD WITH NAMES.

The firm billed £37m in 2003-2004, up from £XX the previous year. Cotton said the new chief execs would face tougher targets to continue this growth.

“In the past, we let the divisional leaders set their own targets and they were not challenged too rigorously, but this year the executive board has set the targets and the divisional leaders have had to adjust their teams to meet them – either by increasing their income or reducing their costs.”

Some staff have been moved between departments and support staff who have left have not been replaced.

The executive committee (see box) also plans to shift Cluttons’ bonus arrangements towards a more discretionary system.

“It is difficult to have 500 people treated fairly under one system,” said Cotton.

He added: “Even for equity partners, we are looking at financial performance and how they contribute to the business.”

Under the old system, X, y, z. LINE TO ADD

BOX: Board changes

Cluttons’ new chief execs will be less involved in the day-to-day management of the firm than in the past.

The firm, which became a limited liability partnership on 1 April, will now be run by a strategic board, chaired by Cotton, and a slimmed-down executive board, chaired by managing partner Gareth Clutton.

The executive board will be made up of Cotton, Clutton and finance director Chris Stanton and replaces the larger operations board, which included the heads of Cluttons’ six divisions.

Mid-sized agent Cluttons has appointed a new generation of young chief executives to run its business and is overhauling its bonus system. Senior partner Richard Cotton said the 550-strong firm needed chief executives in their late 30s and early 40s “to keep the energy levels up and bring on new people”. (put in ages??) Bill Siegle takes over in commercial, Paul Chilton in project and building consultancy, Julian Briant in residential professional, Robert Bartlett in residential agency, Chris Jowett in rural asset management and Don Bradley will head Cluttons’ Middle East business. Their predecessors, who are mostly in their mid-50s, are all returning to fee earning and client relationship roles. They are: LINE TO ADD WITH NAMES. The firm billed £37m in 2003-2004, up from £XX the previous year. Cotton said the new chief execs would face tougher targets to continue this growth. “In the past, we let the divisional leaders set their own targets and they were not challenged too rigorously, but this year the executive board has set the targets and the divisional leaders have had to adjust their teams to meet them – either by increasing their income or reducing their costs.” Some staff have been moved between departments and support staff who have left have not been replaced. The executive committee (see box) also plans to shift Cluttons’ bonus arrangements towards a more discretionary system. “It is difficult to have 500 people treated fairly under one system,” said Cotton. He added: “Even for equity partners, we are looking at financial performance and how they contribute to the business.” Under the old system, X, y, z. LINE TO ADD BOX: Board changes Cluttons’ new chief execs will be less involved in the day-to-day management of the firm than in the past. The firm, which became a limited liability partnership on 1 April, will now be run by a strategic board, chaired by Cotton, and a slimmed-down executive board, chaired by managing partner Gareth Clutton. The executive board will be made up of Cotton, Clutton and finance director Chris Stanton and replaces the larger operations board, which included the heads of Cluttons’ six divisions.