The former chief executive of Foxtons, Michael Brown, is to quit as a director of the business. Shares yesterday hit a new record low, at under 62p, before the announcement.

He will step down in September, Foxtons announced to the stock market yesterday evening after trading closed.

Brown succeeded Foxtons founder Jon Hunt as boss of the firm in 2007 when Hunt sold out to private equity firm BC Partners for £360m – calling the top of the market. Just weeks later, the financial crisis erupted.

Brown joined Foxtons in 2002. He left as chief executive in June 2014 after being granted compassionate leave two months earlier. The personal reasons were never explained.

News of his departure four years ago immediately sent shares in Foxtons down over 5%, although it was also announced that he would remain as non-executive director. The shares fell 18.2p to 311.6p that day – above the launch price of 230p, but below the peak of 399p in February 2014.

Brown was very successful at Foxtons, credited with rescuing the business after the crash, and later overseeing its launch on the stock market, when he profited to the tune of over £50m, selling half his stake in the firm. But just nine months later, he stepped down after leading the flotation.

He was succeeded by then chief operating officer Nic Budden, who remains chief executive of what is arguably Britain’s best known estate agency.

Yesterday, a short announcement to the stock exchange said: “Foxtons Group plc (Foxtons) today announces that Michael Brown will retire as a Non-Executive Director of the Company on 18 September 2018.  

“Garry Watts, Chairman of Foxtons, said: ‘On behalf of the Board, I’d like to acknowledge Michael’s considerable contribution to Foxtons over many years and to thank him for his help and support as a fellow director. We wish him well in his retirement.'”

While the announcement was made after close of trading yesterday, during the day Foxtons’ shares crashed almost 6%, ending the day at 61.80p – a very far cry from their peak, and beginning today trading an all-time low.

However, Foxtons’ shares were not the only ones to struggle on the stock market yesterday: shares in Countrywide fell the best part of 4%, ending the day at around 94p.