Foxtons chairman to stand down two months after pay revolt

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Foxtons shares are worth about half their value of five years ago. PLC's () long-standing chairman Ian Barlow is to stand down after almost nine years in charge. The London-based estate agency faced a huge revolt against the board’s pay at the recent AGM with almost 40% of shareholders voting against the remuneration report. Chief executive Nic Budden saw 17% vote against his re-election while Peter Giles, an independent non-exec received a 32% vote against. Barlow, by contrast, received 97% support in favour of his carrying on. but he will retire by the end of the year at the latest, said. Reports today suggested that fund manager and 11% shareholder Hoskings Partners had been calling for a change due to the weak share price. In spite of a booming housing market, Foxtons shares are worth about half their value of five years ago. Investors were also infuriated by the agent paying out bonuses after taking furlough cash during the pandemic. CEO Budden was awarded a
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