Rightmove’s share price hit its lowest level for two years yesterday after it was announced that its chief executive is stepping down.
A stockmarket update from the portal revealed that Peter Brooks-Johnson will leave the board and company early next year.
The news dented Rightmove’s share price, which fell from 563p at the close of the markets on Friday to 534p at the opening bell on Monday – a 5.1% drop.
The price fell further during trading to under 530p but closed at 538p.
The last time the stock dropped was when the pandemic hit and shook the stockmarket in March 2020.
Rightmove’s share price hit a low of 420p on 20 March 2020.
It had risen to an all-time high of 795p by the end of 2021 but has been dropping since.
Brooks-Johnson has been with Rightmove for 16 years, initially as a product director and took the helm as chief executive five years ago.
The announcement said Brooks-Johnson will continue as chief executive through to the announcement of Rightmove’s full year results in February 2023 and will assist with the recruitment of his replacement and a smooth and orderly handover during that period.
Brooks Johnson said: "I have thoroughly enjoyed my journey at Rightmove, working with a hugely talented team who have taught me an immeasurable amount. Rightmove is an amazing company, with a clear focus and a relentless energy to innovate, which it has been a privilege to serve. I’d also like to thank our customers for their support and loyalty over the past 16 years.
“With Rightmove progressing well on its mission to make home moving easier and our strong trading from 2021 continuing into 2022, I have decided it is an appropriate time to seek a new challenge.
“I continue to be hugely enthusiastic about the Company and the opportunities we see ahead. I have no doubt that Rightmove will continue to deliver for home hunters, customers and shareholders for many years to come."
Andrew Fisher, chairman of Rightmove, added: “Peter has made a significant contribution to the success of Rightmove over the past 16 years and whilst we are disappointed that he will be leaving the business, we understand his decision.
“Under Peter’s leadership Rightmove has helped make home moving easier and with a robust strategy and very strong team, the company is well placed to pursue the opportunities ahead. We will all miss Peter greatly and wish him continued success in his future career.
“I look forward to working with Peter to ensure a smooth transition and given Rightmove’s strong market position we are confident we will attract a high calibre successor.”