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Foxtons replaces CEO amid rising pressure from activist investors, Sky News reports

A signage is seen outside a branch of Foxtons estate agents in Islington, London, Britain, December 10, 2021. REUTERS/May James/File Photo

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May 29 (Reuters) – London-based real estate agent Foxtons Group (FOXT.L) has decided to appoint rival Chestertons’ CEO Guy Gittins as its new CEO, Sky News reported on Sunday.

Gittins will take over from Nic Budden in the face of rising pressure from activist shareholders to sell the company, the newspaper reported.

In March 2022, Converium Capital, a Montreal-based investment fund that has about a 2% stake in Foxtons, had sent a letter to the board urging it to begin a formal sale process.

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Chestertons’ appointment is the second big move in the company’s top-level management this year after CFO Chris Hough succeeded Richard Harris in April.

Gittins announced his last working day at…

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