Ian Springett has been fired from his position as CEO of OnTheMarket

Breaking news in the real estate sector, Ian Springett, the now former CEO of OnTheMarket, has been let go from his position at the British property portal, effective immediately. 

The troubled portal's board has appointed Clive Beattie, Chief Financial Officer, as acting Chief Executive Officer. Korn Ferry, an Executive Search Consultancy, has been appointed to conduct the formal recruitment process for a permanent replacement.

As usual in these circumstances there's a word of thanks from the company chairman - laced with news of what is effectively a humiliating sacking for Springett.

OTM Chairman Christoper Bell says: 

"On behalf of the board and all our colleagues I would like to thank Ian for his hard work and commitment over many years. He has played a major part in helping establish OnTheMarket.com as one of the UK's leading residential property portals and we wish him every success in the future.

"Our commitment to building a strong, agent-backed, profitable and technology-enabled business remains undiminished.  However, to continue our progress toward this objective and take OTM forward through the next phase of its corporate development, the board believes now is the right time to appoint a new chief executive."

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