In a significant development London-based real estate agent Foxtons Group said, it has decided to appoint Guy Gittins as its new CEO.
Gittins is currently the CEO of its rival Chestertons.
Gittins will take over from Nic Budden; his appointment comes at a time when the company is facing rising pressure from activist investors to sell the company.
In March 2022, Converium Capital, a Montreal-based investment fund that has about a 2% stake in Foxtons, had sent a letter to the board urging it to begin a formal sale process.
Chestertons’ appointment is the second big move in the company’s top-level management this year after CFO Chris Hough succeeded Richard Harris in April.
Neither Foxtons nor Chestertons immediately responded to requests for comments.