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Gittins will take over from Nic Budden in the face of rising pressure from activist shareholders to sell the company, the newspaper reported https://news.sky.com/story/foxtons-gazumps-london-rival-chestertons-with-raid-on-ceo-gittins-12623917.
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.
Gittins announced his last working day at Chestertons on Saturday in a LinkedIn post https://www.linkedin.com/posts/guygittins_teamchestertons-activity-6936663918152986624-PTvj?utm_source=linkedin_share&utm_medium=member_desktop_web. He had been at the company for about a decade, including fours years as CEO.
Foxtons and Chestertons did not immediately respond to Reuters’ requests for comment outside of business hours.
