Chestertons boss Guy Gittins takes the helm at Foxtons
(Picture: Foxtons )Estate agent Foxtons has appointed Guy Gittins the boss of one of its closest rivals Chestertons as its new CEO.
Gittins will replace Nic Budden who has presided over a troubled period for the property sales specialist. He will join the company on 5 September this year.
Budden has helmed Foxtons since 2014 but has been criticised for lacklustre share price growth at the company.
In September last year, Foxtons moved to fix the problem by appointing experienced property board room member Nigel Rich as its chairman.
It also reviewed its bonuses policy in the wake of an investor backlash. Shareholders showed their fury at the company at its annual shareholder meeting in April with just under 40% voting against an almost £1 million bonus for Budden, including £389,000 in cash and shares worth £569,000.
Gittins started his career at Foxtons, leaving in 2007 to become sales and marketing director for British entrepreneur Peter de Savary.
In May 2010, he joined Savills, before moving to Chestertons in 2012 to head its flagship Chelsea office.
Rich said: “On behalf of the board of Foxtons I am delighted to welcome Guy back to the business. His experience and success at Chestertons should be invaluable to Foxtons as the company continues its drive to improve profitability.”
Peter Rollings, currently a non-executive director at Foxtons, and former managing director of Foxtons, will act as interim CEO with immediate effect until Gittins takes up his appointment.
Rollings was CEO at estate agents Marsh & Parsons from 2005 to 2016.
Gittins said: “I am incredibly excited to be returning to where I started my career; Foxtons has some of the best people, technology and data in the industry, and it is the most recognised brand in the sector.”
