British majority-agent-owned property portal OnTheMarket has announced that CFO and former Acting-CEO Clive Beattie is to leave the company to pursue a different opportunity.
Beattie joined the portal in 2017 and guided the company through the IPO process the following year before being named interim CEO after the board got rid of controversial boss Ian Springett in March 2020. Beattie led the company for nine months before OnTheMarket appointed his permanent successor, former agent Jason Tebb.
It has been reported in the British estate agent industry press that Beattie won't be heading to a direct competitor but will be remaining in the property industry. The CFO will remain in place until January 2023 with a specialist recruitment firm already engaged to find his successor.
“It has been a great pleasure working with the team at OnTheMarket and experiencing first-hand the evolution of the Group”, Beattie said.
“I would like to personally thank Clive for his support since I joined the business 18 months ago and for helping to execute our strategy of becoming a tech-enabled property business", added Tebb
Under Beattie's stewardship, OnTheMarket has made good headway in its mission to convert the goodwill of agents listing on its portal for free into sustainable subscription revenue. The company posted its first yearly profit after tax in 2020.
In leaving the portal for greener pastures, Beattie is choosing to forego the ‘golden handcuffs’ share options worth more than £360,000 a year which were offered to senior OTM execs last month.