Countrywide chief executive Grenville Turner is to step down this year and will become non-executive chairman when a replacement is found.
The move, announced as the property group posted its 2013 results, will see interim chairman David Watson become deputy chairman and senior independent director. The board is also looking for two more independent directors after the resignations of Robert Davies and Neville Richardson.
Countrywide saw a 37 per cent increase in pre-tax earnings for the year, from £63m to £86.6m, buoyed by a resurgent housing market. The group’s share price has surged over 70 per cent since it launched its flotation last March with an offer price of around 350p per share.
Turner says: “I take great pride that as a Plc, Countrywide is operating so well following successful results for 2013 and, after careful consideration, I have decided that now is the right time for me to step down from my role as chief executive.”