Chairman of 14 years leaves Rightmove even though the company has seen significant increases in revenues and profits. The reason? Rightmove's shareholders' recent revolt.
Scott Forbes has served in the role for 14 years but will be replaced at the company’s AGM next year.
The listed firm announced the news as it released 2018 results showing an 11 percent increase in operating profit to £198.6 million, up from £178.3 million in 2017, and revenue growth of 10 percent to £267.8 million (£243.3 million in 2017).
The staggering profit margin, 82 percent of turnover, was helped by an average £83 increase in the fees it charges estate agents to advertise properties. Its agency customers now pay Rightmove more than £1,000 a month on average.
Forbes, who faced a minor but significant shareholder revolt last year due to concerns over his board commitments, was not saved despite returning £168.5 million to shareholders through dividends and share buybacks.
“At the AGM in May 2018, a significant minority of votes were received against the re-election of myself as chairman and Peter Williams, our senior independent director,” he stated to the London Stock Exchange.
“During the autumn I actively consulted with a majority of shareholders in relation to our plans for orderly board succession and to address concerns about the board commitments of both myself and Peter.
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