Estate agency Foxtons Group has announced the appointment of Nigel Rich as its new chairman.
The move comes after the group’s previous chairman, Ian Barlow, confirmed his departure after eight years at the firm following a shareholder backlash.
Mr Barlow had come under heavy fire from investors over company salaries and dividend payments.
His predecessor is an experienced leader in the sector who has previously been chairman at rival Hamptons International and real estate investor Segro.
Foxtons is well placed to take advantage of the resurgent activity in the residential market
Mr Rich said: “I am delighted to take on the chairmanship of Foxtons, a leading and well-known London estate agency.
“As the UK, including London, recovers from the economic effects of the pandemic, Foxtons is well placed to take advantage of the resurgent activity in the residential market.
“I look forward to working with the management team to accelerate Foxtons’ recovery and returns to shareholders.”
In June, Hosking Partners, which holds an 11% stake in the company, called for “radical board-level change” after almost 40% of shareholders voted against the group’s payment plan for bosses in May.
Mr Barlow said: “Nigel is an excellent appointment and I am delighted we have secured someone with his capability and experience.
“It has, over the past eight years, been a great privilege to serve on the board of Foxtons, a prominent London business with a great future.
“Nigel has much to offer the board and the broader group and I wish him every success.”