Foxtons Group plc
3 June 2014
The Board of Foxtons Group plc ("Foxtons") announces that Michael Brown has decided to step down after 12 years for personal reasons. Nic Budden, currently COO, will succeed him as CEO and be appointed to the Board. Given his extensive knowledge and experience, the Board has asked Michael Brown to remain on the Board as a Non-Executive Director, which he has agreed to do. These changes will take effect from 1 July 2014.
Separately, Stefano Quadrio Curzio will step down as a Non-Executive Director from 1 October 2014.
Garry Watts, Chairman said:
"On behalf of everyone at Foxtons, I would like to thank Michael for his outstanding contribution both as COO and CEO. He hands over the leadership of the business to Nic in a strong position and with a clear strategy to continue its expansion. I am delighted that we will still benefit from his experience in his new role as a Non-Executive Director.
"Nic has worked side by side with Michael for many years and has been a core architect of Foxtons' success. He is the natural successor to Michael and the unanimous choice of the Board. I am confident that Nic's leadership will continue to deliver further growth for the business in the years ahead."
"We are also grateful to Stefano for his wise counsel as a non-executive director over the past year."
Michael Brown, CEO said:
"I have thoroughly enjoyed my 12 years at Foxtons and I am immensely proud of my colleagues and what we have achieved. I have worked very closely with Nic for the past 9 years and I have every confidence he will continue the success we have enjoyed thus far."
Nic Budden, CEO designate said:
"It is an honour to be appointed as the new CEO of Foxtons. It has been a pleasure working with Michael and I am pleased he will remain on the Board. We have real momentum in the business and I look forward to building on that success in future."
Garry Watts Chairman 020 7893 6000
Nic Budden Incoming CEO 020 7893 6000
Jenny Matthews Investor Relations 020 7893 6484
Tulchan Communications LLP
Peter Hewer 020 7353 4200
Notes to editors
Michael Brown joined Foxtons in September 2002 as Chief Operating Officer of Foxtons and Chief Executive Officer of Alexander Hall. He was appointed as Chief Executive Officer of the Group in 2007 when BC European Capital acquired a majority interest in the Foxtons business. Michael started his career as a solicitor at Slaughter and May. Prior to joining Foxtons, Michael spent 6 years at Enron Europe as General Counsel and latterly as Chief Operating Officer. He is a former non-executive director of Fitness First Limited and Teesside Gas Processing Plant Limited. Michael holds a degree in law from the University of Leeds.
Nic Budden joined Foxtons in 2005 as its Chief Operating Officer. Prior to joining Foxtons, Nic
had an international career in business development, operations, marketing, strategy and finance, having held positions at BT Group plc (1990 to 1997), Cable & Wireless Group (1997 to 2002) and Severn Trent Group (2003 to 2005). Nic holds a degree in economics from the University of Essex.
In accordance with L.R. 9.6.15, the Company confirms that no further information is required to be disclosed in respect of Nic Budden pursuant to L.R. 9.6.13.
Stefano Quadrio Curzio has been involved with the Foxtons business since 2007 when BC European Capital acquired a majority interest in the Foxtons business. He was appointed as a Non-Executive Director in June 2013. Stefano joined BC Partners in 1996 as an investment executive and has been a director since 2004. He has served as an investor director of a number of portfolio companies of funds advised by BC Partners. Prior to joining BC Partners, Stefano spent six years at the Boston Consulting Group in London. Stefano holds an MBA from Stanford University and a BA and MA in economics from the University of Cambridge.
The UK Corporate Governance Code recommends that at least half the board of directors of a UK listed company (excluding the chairman) should comprise ''independent'' non-executive directors, being individuals determined by the board to be independent in character and judgement and free from relationships or circumstances which are likely to affect, or could appear to affect, the directors' judgement. Following the directorate changes described above, the Board will comprise seven members: the Company considers three to be independent Non-Executive Directors (being Annette Court, Andrew Adcock and Ian Barlow). Gary Watts, the Chairman, was considered independent at the time of appointment. Michael Brown will not be considered to be independent. Nic Budden (CEO) and Gerard Nieslony (CFO) will be the Executive Directors on the Board.