Economy

After wage riot, Foxtons bosses resign

Bosses at Foxtons quit after wage riot: Some 43 percent of shareholders voted against re-election of Alan Giles and Sheena Mackay to the board

Two Foxtons executives will resign after a massive investor revolt. About 43 percent of shareholders voted against re-election of former HMV boss Alan Giles and Sheena Mackay to the board of directors at the broker’s annual meeting in June.

After talks between the company and investors, the two have announced that they will not last next year. Foxtons is already looking for replacement drivers.

Giles and staffing specialist Mackay sit on Foxtons’ remuneration committee – which has come under heavy fire in recent years for handing large pay packages to bosses.

Signing off: Alan Giles and Sheena Mackay have said they will not stand next year

Last year, Nic Budden, the chain’s former boss, received nearly £1 million in bonuses, despite 44 per cent of investors revolting.

Budden was replaced by Guy Gittins two months ago.

High rents and longer leases led to higher third quarter sales at Foxtons, which has a market value of £100m.

It raised £44 million in the three months to September, up 25 per cent from the same period in 2021.

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Jacky

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