(Reuters) – London-based real estate agent Foxtons Group said on Friday industry veteran Nigel Rich will replace Ian Barlow as its chairman, effective Oct. 1.
Rich, a former chairman of estate agent Hamptons International and warehouse operator Segro, is taking over the role at Foxtons after Barlow said earlier this year he would resign.
Foxtons said Barlow will also step down as a director when the new chairman joins the board.
Sky News on Thursday reported about the imminent change, attributing it to “a period of pressure from its biggest investors”. (https://bit.ly/3zcqHpS)
In July, Foxtons said it was reviewing strategic options, including a potential sale, for its mortgage broking business even as the company returned to a half-year profit after posting a loss for the previous two years.
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(Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Shounak Dasgupta and Devika Syamnath)