Foxtons CEO Brown to Step Down Eight Months After London IPOPatrick Gower
Foxtons Group Plc Chief Executive Officer Michael Brown plans to quit for personal reasons about eight months after leading an initial public offering. The shares fell the most since the IPO today.
The property broker’s Chief Operating Officer Nic Budden will replace Brown on July 1, the London-based company said in a statement. Brown, 51, who’s been with Foxtons for 12 years, will remain on the board as a non-executive director.
Budden has worked with Brown for many years, is a “natural successor” and was “the unanimous choice of the board,” Chairman Garry Watts said in the statement.
Foxtons first sold shares to the public on Sept. 20 and has benefited from the city’s booming housing market. Home prices in London have jumped 17 percent during the 12 months through April, according to the Land Registry. All 49 of Foxtons offices are in London and southeast England.
Foxtons declined 6.6 percent to 307.9 pence at the close of trading in London, giving the company a market value of 869 million pounds ($1.46 billion). The shares have risen by 34 percent since the IPO, while the FTSE 250 Index has added about 6 percent.