Tuesday 3 June 2014 2:37 am

Foxtons CEO Michael Brown steps down after 12 years

The chief executive of London-focused property agent Foxtons, has decided to step down for personal reasons.

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.