Foxtons has this morning announced that chairman Garry Watts is to retire from his position on March 1.
He is also quitting the board of the agency at that date.
Ian Barlow, currently the company's senior independent director, will assume the role of Chairman on this date.
In its most recent trading statement, just three weeks ago, Foxtons revealed that it suffered another huge slump in sales in 2019.
Sales revenue plummeted 10 per cent to £33m “as transaction volumes were impacted by ongoing political uncertainty, particularly at the higher end of the market” according to the company.
On the lettings side, it calculated the impact of the tenant fee ban was £2.7m; lettings revenue for the group dropped two per cent to £66m for the year “driven by our decision not to increase fees in response to the ban.”