Alison Platt has resigned as chief executive of Countrywide after last week’s profit warning.
It was revealed last week that Countrywide’s revenues in sales and lettings fell by 14% last year, while profits are expected to fall by 22% in the 2017 financial year.
Platt said: “Since joining in 2014 I have worked hard, within a difficult market, to structure a fragmented business into one set for success.
“I believe those actions will serve Countrywide well in the future. However, the time is now right for me to step aside.”
Chairman Peter Long will become executive chairman until a new chief executive is appointed. Meanwhile commercial development chief Paul Creffield has been promoted to chief operating officer.
Long said: “In Countrywide we have a strong and successful business in financial services, B2B and commercial led by an experienced and committed management team.
“Within our core sales and lettings area, however, we have lost focus and a key priority will be to implement changes that will enable this area to start delivering once again.
“Working together with this experienced executive team I feel confident we can return the business to profitable growth.”