Sky News says that the Foxtons’ board has selected the former Hamptons chair, with an announcement about the change at the top expected in the coming days.
The appointment of Rich, who has also chaired Segro, the warehouse operator, is likely to be well-received by investors.
The company’s performance has improved in recent months, but it has nevertheless endured a difficult few years.
Foxtons’ largest shareholder, Hosking Partners, run by Jeremy Hosking, the investment tycoon, which owns an 11.2% stake in the estate agency, recently called for a ‘radical’ shake-up at the company, starting with wholesale board changes.
Hoskins, who was said to be unhappy at Foxtons’ dwindling share price and executive pay, reportedly wrote to Ian Barlow, Foxtons’ chairman, outlining his discontent in June. Barlow announced his resignation a month later.
Foxtons recently delivered its best first half year results since 2016, although that was fuelled in part by homebuyers rushing to beat the end of the Treasury’s stamp duty holiday.