Countrywide embarks on search for new boss, report

Countrywide PLC (LON:CWD) 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 UKs 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 (LON:LSL).

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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 PlatRead More – Source

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