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Countrywide chief quits after profit alert

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The chief executive of estate agent and property group Countrywide has resigned in the wake of a profit warning that sent shares crashing to a new low.

Alison Platt’s departure was announced two days after Sky News revealed that the leadership of the listed company was in doubt. Shares rose 2%.

Last week the company behind the Hamptons and Bridgefords brands said it was on course to see annual earnings for 2017 fall by more than 20% to £65m.
It said in a trading update that it had suffered from a disappointing performance in its sales and letting business in the fourth quarter.
Ms Platt, who joined the company in 2014, said she had “worked hard within a difficult market to structure a fragmented business into one set for success”.

She added: “I believe those actions will serve Countrywide well in the future. However, the time is right for me to step aside.
“I look forward to seeing the business build back and return to growth.”

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Chairman Peter Long will take over Ms Platt’s executive role as the company seeks a successor.
Ms Platt will continue to receive her £674,000 pay package over her 12-month notice period but will receive no annual bonus for 2017 or 2018.

Source: SKY