Foxtons Group has opted to appoint rival Chestertons’ CEO Guy Gittins as its new CEO.

Sky News reported last night that Gittins, who resigned from his role at rival firm Chestertons on Friday, would take over from Nic Budden in the face of growing pressure from activist shareholders to sell the company.

Converium Capital, a Montreal-based investment fund that has about a 2% stake in Foxtons, recently sent a letter to the board urging it to begin a formal sale process.

Gittins’ appointment is the second big move in the company’s top-level management this year after CFO Chris Hough succeeded Richard Harris last month.

Foxtons confirmed the appointment this morning, which was rumoured within the industry over the weekend.

Foxtons issued the following statement: “London’s leading estate agent, is pleased to announce that Guy Gittins has been appointed Group CEO with effect from 5 September 2022. He joins Foxtons from Chestertons, the London and international residential property specialist, where he is currently Chief Executive, and replaces Nic Budden, who has stepped down from the CEO role he has held since 2014.

“Guy has significant sector and leadership experience. Since his 2018 appointment as Chief Executive of Chestertons, he has exponentially grown EBITDA, and transformed the business into a technology led, performance focused business, winning market share; increasing sales in each year; and significantly growing the lettings business both via acquisition and organically. 

“Guy started his early career at Foxtons, leaving in 2007 to become Sales and Marketing Director for Peter de Savary. In May 2010 he joined Savills, before moving to Chestertons in 2012, as head of their flagship Chelsea office.

“Peter Rollings, currently a non-executive Director and former Managing Director of Foxtons, will act as interim CEO with immediate effect until Guy takes up his appointment. Peter is a highly experienced industry figure who was CEO of Marsh & Parsons from 2005 to 2016.

Current trading

Foxtons has made a good start to the financial year and current trading remains in line with the Board’s expectations. 

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 CEO role; we are fortunate to have his significant expertise on the Board.”

Gittins, CEO designate of Foxtons, commented: “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 CEO for the last eight years. It’s a brilliant company with huge potential and a great team whom it has been a pleasure to work with. 

Richard Davies takes the reins at Chestertons after CEO steps down