Countrywide, one of the United Kingdom's largest agencies has ousted its boss after an extreme profit warning.
Alison Platt joined the company behind a host of chains including Hamptons and Bairstow Eves from outside the property industry in 2014, since when Countrywide’s value has slumped from more than £1.5 billion to just £244 million today.
Last week’s latest profit warning was the final straw as the shares took another 20% fall.
Platt leaves with a £675,000 pay-off, equivalent to a year’s salary, while former TUI boss Peter Long steps up from non-executive to executive chairman.
Long said Countrywide’s key sales and lettings business had “lost focus” under Platt, who was also working against the backdrop of an increasingly tough property market and the rise of online rivals like Purplebricks.
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