The British real estate portal Rightmove has announced that CEO Peter Brooks-Johnson is to step down from the board and depart the company over the next year after 16 years of working for the firm.
According to a company statement, Brooks-Johnson will continue in his role until Rightmove announces its full-year financial results in February of 2023 and in the meantime will assist in efforts to find his replacement and ensure a "smooth and orderly" transition.
Under Brooks-Johnson's leadership, Rightmove cemented its position as the dominant market leader in British real estate marketing and became one of the most profitable companies on the FTSE 100 index generating £226 million in operating profit for FY21 at a 60% margin.
Commenting on his departure, Brooks-Johnson said: “I have thoroughly enjoyed my journey at Rightmove, working with a hugely talented team who have taught me an immeasurable amount. Rightmove is an amazing company, with a clear focus and a relentless energy to innovate, which it has been a privilege to serve. I’d also like to thank our customers for their support and loyalty over the past 16 years.
“With Rightmove progressing well on its mission to make home moving easier and our strong trading from 2021 continuing into 2022, I have decided it is an appropriate time to seek a new challenge.
“I continue to be hugely enthusiastic about the company and the opportunities we see ahead. I have no doubt that Rightmove will continue to deliver for home hunters, customers and shareholders for many years to come.”
Brooks-Johnson worked in business management prior to joining Rightmove in 2006 as Director of Agency. He then worked his way up becoming MD in 2011, COO in 2013 and was made CEO in 2017.
Despite a dominant market position, Brooks-Johnson's tenure as Rightmove boss hasn't been all smooth sailing. He and Rightmove's management were heavily criticised for their response to their agent customers' plight at the outset of the pandemic in 2020. The company also weathered a possible customer revolt during the heyday of the Say No To Rightmove movement in 2020.
Rightmove Chair Andrew Fisher said of his colleague: “Peter has made a significant contribution to the success of Rightmove over the past 16 years and whilst we are disappointed that he will be leaving the business, we understand his decision.
“Under Peter’s leadership Rightmove has helped make home moving easier and with a robust strategy and very strong team, the Company is well placed to pursue the opportunities ahead. We will all miss Peter greatly and wish him continued success in his future career.
“I look forward to working with Peter to ensure a smooth transition and given Rightmove’s strong market position we are confident we will attract a high-calibre successor.”