Michael Brown will be succeeded by the current COO Nic Budden. However, Brown has accepted the board's request that he become a non-executive director of the company, which he has agreed to do. The new changes will take effect from 1 July.
"I have thoroughly enjoyed my 12 years at Foxtons and I am immensely proud of my colleagues and what we have achieved. I have worked very closely with Nic for the past 9 years and I have every confidence he will continue the success we have enjoyed thus far," said Brown.