Foxtons Group plc
("Foxtons" or the "Company")
Directorate Changes and Appointment of Chairman
The Board of Foxtons today announces the following changes to the Board:
· Following over six years as Chairman and in line with the Board's succession plan, Garry Watts will retire from the Board at or before the Company's AGM in May 2020.
· Ian Barlow, currently the Company's senior independent director, will succeed Garry Watts as Chairman.
· Alan Giles, currently a non-executive director, will succeed Ian Barlow as senior independent director.
· Recruitment of a new non-executive director will commence soon to succeed Ian Barlow as the chair of the audit committee once he assumes the role of chairman of the Board.
· Patrick Franco, currently chief operating officer, will join the Board as an executive director on 1 October 2019.
Garry Watts said: "Foxtons is an excellent Company with a great team, which it has been a pleasure to chair for the last six years. A series of challenges to the health of the London property market have impaired its recent trading performance but its balanced business model, strong net cash position and robust operating structure means that it is well placed to benefit from a recovery in sales volumes. I am pleased that I will be succeeded by Ian Barlow who has been a first rate non-executive and audit committee chair."
Ian Barlow has served as non-executive director and chairman of the audit committee since 2013. His appointment as Chairman follows an assessment of succession options led by an independent non-executive director and ensures continuity of leadership following a number of Board changes made over the past 3 years. Ian is senior independent director at Urban & Civic plc and a non-executive director of The Brunner Investment Trust plc. He is also a non-executive director of the Goodwood Estate. Ian was previously Senior London Partner at KPMG.
Patrick Franco joined Foxtons as chief operating officer in 2015 and has since been responsible for key elements of the Company's operations. He is also executive sponsor of the Foxtons LGBTQ+ network. Prior to Foxtons, Patrick was chief operating officer of Credit Suisse Asset Management UK. He also serves as a trustee of Global Heritage Fund.
There are no other details or disclosures required under LR 9.6.13R of the Financial Conduct Authority's Listing Rules applicable to the appointment of Patrick Franco.
26 September 2019
For further information please contact:
Foxtons Group plc
Nic Budden, Chief Executive Officer
Richard Harris, Chief Financial Officer
Muhammed Patel, Investor Relations
+44 20 7893 6261