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The property firm is reportedly searching for a new CEO to replace executive chairman Peter Long, who has been in post since 2018
PLC () has begun a search for a new chief executive in a move to replace the leadership of executive chairman Peter Long.
According to a Sky News report, the UK’s largest property group has appointed headhunters to help find the new CEO, around four months after the company abandoned talks over a £500mln merger with LSL Property Services PLC ().
READ: Countrywide begins phased re-opening, early to provide guidance
However, the report said Long was unlikely to leave the board once the new CEO is appointed, and may remain for an extended period.
The company has also struggled to offload its commercial division, LSH, despite agreeing to a sale last year, and has come under additional pressure from growing competition of online competitors.
Countrywide is also likely to hope some fresh leadership will help reverse the precipitous decline in its share price, which has collapsed by around 99.5% over the last five years. It was this rapid decline in fortunes that partly led to Long replacing his predecessor Alison Platt.
Long’s own pending departure also follows a less an amicable exit from his previous post as chair of (), which occurred after just over 34% of the postal group’s shareholders voted against his reappointment at the firm’s AGM.
Shares in Countrywide were 1.2% higher at 120.2p in lunchtime trading on Wednesday.
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