Peter Long, executive chairman of Countrywide, has resigned from another boardroom to focus on saving the troubled estate agency.
Long has chosen to stand down from the board of a global theme-park firm to focus on running Countrywide, and to give more time to his other chairmanship - the huge Royal Mail organisation.
Long is one of three executives running Countrywide, in the absence of a chief executive to replace Alison Platt who resigned almost exactly six months ago.
In a statement to the London Stock Exchange, Long said he was stepping down from his third chairmanship at Parques Reunidos, a company listed on the Spanish stock market which runs theme parks worldwide.
“After careful consideration of my overall business commitments, I made the decision some time ago to reduce them” says Long, who is 66.
Countrywide’s share price collapse and loss of market share have been well documented in recent years. Its share price has fallen over 60 per cent since the start of 2018 alone, despite Long leading a so-called ’Back To Basics’ programme reinvesting in branches which were cut back under Platt’s leadership.
The Daily Mail this morning says Long’s other main business activity - Royal Mail - faces an investor revolt tomorrow over plans to hand a multi-million-pound pay deal to its new chief executive, Rico Back.
Royal Mail reported a seven per cent fall in letter revenues in the three months to June 24, while UK parcel revenues rose six per cent.