Foxtons has confirmed the appointment of former Chestertons boss Guy Gittins as its new chief executive.
Gittins will step into the role from 5 September.
A stockmarket update from Foxtons this morning revealed that Nic Budden, who had been the London agent’s chief executive since 2014, has stepped down immediately.
Peter Rollings, currently a non-executive director and former managing director of Foxtons, will act as interim chief executive with immediate effect until Gittins takes up his appointment.
Gittins started his early career at Foxtons, leaving in 2007 to become sales and marketing director for Peter de Savary.
He later joined Savills in May 2010 before moving to Chestertons in 2012.
Nigel Rich, chairman of Foxtons, 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.
“I would like to thank Nic Budden for his commitment to Foxtons over many years. Over the last few months since I became chairman,
“Nic has initiated a number of actions to improve the profitability of the business which have had a positive impact, and we all wish him well for the future. I am grateful to Peter Rollings for taking up the interim chief executive role; we are fortunate to have his significant expertise on the board.”
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. I am looking forward to working with the talented Foxtons team to realise the potential of the business and drive significant shareholder value.”
Budden added: “It has been a real privilege to lead the company as chief executive for the past 8 years. It’s a brilliant company with huge potential and a great team whom it has been a pleasure to work with.”