May 30 (Reuters) – Estate agent Foxtons (FOXT.L) named rival Chestertons boss Guy Gittins as its new chief executive on Monday, at a time when the London-based company faces pressure of activist investors to launch an official sale. treat.
Gittins, who succeeds Nic Budden, was appointed just weeks after Foxtons named Chris Hough as its new chief financial officer, and will join in September. Gittins began his career at Foxtons, before leaving in 2007 to join British entrepreneur Peter de Savary as sales manager.
His appointment comes two months after Canadian investment fund Converium Capital wrote to Foxtons’ board urging it to sell the business. Converium holds an approximate 2% interest in Foxtons.
Gittins had announced his last day at work at Chestertons on Saturday in a LinkedIn post. In nearly a decade with the real estate company, he served four years as CEO.
Foxtons also said it had a “good start” to the new financial year and that financial performance so far was in line with its expectations.
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Reporting by Muhammed Husain in Bengaluru; Editing by Sherry Jacob-Phillips
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