Alison Platt has stepped down as chief executive of estate agent Countrywide following a slump in shares last week off the back of a profit warning.
She will also stand down from the board. Peter Long has been appointed as interim executive chairman by the board until a replacement is found.
Former managing director of commercial development Paul Creffield will become group operations director and will take charge of the sales and lettings division.
The firm has more than 50 high street brands including, Hamptons International, and has seen its share price fall by more than two-thirds over the past two years as it has struggled against the backdrop of difficult market conditions including buyer uncertainty, stamp duty changes and increased competition from online operators.
In a statement Long said that its sales and lettings business had “lost focus”.
Last week the group said that revenues in its sales and lettings division fell by 14% last year and that it expected group earnings before tax for 2017 to be down by 22% to £65m.
Alsion 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 added: “In Countrywide we have a strong and successful business in financial services, B2B and commercial led by an experienced and committed management team. Within our core sales and lettings area, however, we have lost focus and a key priority will be to implement changes that will enable this area to start delivering once again.
“Working together with this experienced executive team I feel confident we can return the business to profitable growth.”
To send feedback, e-mail amber.rolt@egi.co.uk or tweet @AmberRoltEG or @estatesgazette
