Purplebricks chief financial officer (CFO) Steve Long is to leave the online estate agency, the company has confirmed.

The company, which is in the process of making job cuts across the business, announced more senior changes this morning.

Long replaced Andy Botha in October last year when he left after just 18 months in the role.

Dominique Highfield has been announced as the new Purplebricks CFO with effect from 1 November, which is when Long is due to step down. He will remain with the business until the end of November to support the transition.

Highfield, a qualified accountant, joins Purplebricks with 15 years’ experience in finance including at Sainsbury’s, Amazon and, most recently, as director of finance at Pentland Brands.

Paul Pindar, chairman of Purplebricks, said: “I would like to thank Steve for his contribution and supporting Helena as she transitioned into the chief executive role.

“We wish him the very best with his future endeavours.

“I am delighted to welcome Dominique. Dominique brings strong and relevant financial and strategic experience alongside a commercial attitude and an energy and determination that aligns with Helena’s. I believe the partnership between Helena and Dominique is exactly what Purplebricks needs to create a better, sustainable performance.”

Helena Marston, CEO, commented: “I am excited to welcome Dominique to Purplebricks.  Dominique is a seasoned financial executive and is well-equipped to work with our senior executive team to help us return to sales growth and gross margin improvement at pace. Dominique has a reputation for being a strong, ‘hands on’ organisational leader and an excellent collaborator with commercial teams.  I thank Steve for all the support he has given me since I became CEO and I wish him the very best for the future.”

Highfield added: “I am proud and inspired to be joining Purplebricks.  I believe the brand’s offering to consumers is incredibly relevant and much needed during the current climate, and that we can make a real difference to real people. Helena and I share high aspirations for the performance of the business.  I am excited by the calibre, commitment and customer-focused culture within the Purplebricks team, along with the clarity of Helena’s plan.

“I look forward to bringing my commercial finance experience to the Board and Executive Leadership Team. I am passionate about leading the finance function through the business’ next chapter of growth, making sure finance has a pivotal seat at the table – influencing sustainable cash and profit growth.”

UPDATE:

Following the change of CFO by Purplebricks, Adam C Smith of 5% shareholder Lecram Holdings Ltd put out the following statement:

“We are extremely surprised to see the CFO depart in under a year, without a clear explanation why. Under Paul Pindar’s stewardship, Purplebricks has gone through four CEOs and five CFOs, which is a factor in why it has underperformed so badly.

“How long are shareholders prepared to wait for the chairman to accept responsibility and step down so we can end this circus and stabilise the company?”

Redundancies

Staff members at Purplebricks face potential redundancies, after the business entered a consultation process with employees last week.

Employees at the online estate agency have been informed, with the proposals potentially impacting roles across the business.

It is not yet clear what other roles at the business are potentially under threat, but several employees at Purplebricks have now entered a consultation process.

EYE has approached Purplebricks for comment.

EYE NEWSFLASH: Purplebricks to make redundancies ‘across the organisation’