According to reports, Hosking Partners, a fund management group run by former Marathon Asset Management stock picker Jeremy Hosking, has been pushing for change because of Foxton’s weakness Share price.
Today, Chairman Ian Barlow resigned after eight years in office. postal versus the company Said that he would leave after appointing a successor.
Barlow acknowledged that the company had underperformed due to “challenges in the London real estate market”, but said the growth strategy announced in June “will lead to a sharp rebound in performance”.
He said: “Our strategy takes time to realize, and there is only one year left under the British governance rules. I think now is the right time to hand over to the successor to oversee its implementation.”
According to reports, Hosking wrote to Barlow in June, complaining that the stock price was still one-third lower than Covid’s previous price, although as the real estate market rebounded due to stamp duty reductions and general repression, other real estate agents enjoyed lucrative deals As the blockade eased, demand increased.
Nearly 40% shareholder Although Foxtons received nearly £7 million in government support, including £4.4 million in vacation expenses, CEO Nic Budden received a cash bonus of £389,000 and shares of £569,000. Voted against the company’s salary report in May.
Josh Ponniah, partner of Catalist Partners, a shareholder of Foxtons, welcomed the news and said in a statement: “We hope that the company will take this opportunity to provide the board with specific industry expertise and entrepreneurial spirit to ensure Foxtons can recover. The market has lost share since 2015, pursuing growth in new areas, using its technological advantages and realizing the untapped potential we see in our business.”
Foxtons sources pointed out that the chairman received 97% of his re-election support at the April annual general meeting.