Countrywide this morning confirmed the departure of CEO Alison Platt.
Meanwhile, executive chairman Peter Long who is taking over the running of the company in the interim, wrote to staff, telling of Platt’s resignation, and saying that he and his colleagues will “implement a turnaround plan that will enable us all to be proud to work for the Group”.
His note says: “Unfortunately in our core sales and lettings business we have lost focus. The key priority, therefore, will be to make changes that will result in these important areas restoring Countrywide’s leading market position.”
Long adds in his note that he understands “that this is an unsettling period and there will be some tough decisions to make along the way”. But he says that he has “real confidence in the group and its future . . . with the correct focus we can once again be a winning company”.
The official announcement to the stock exchange this morning said that Platt has resigned and will stand down from the board.
It confirmed details in the EYE story of yesterday evening when we exclusively broke the news, including that Long has stepped up to become executive chairman until a successor is appointed, while Paul Creffield becomes group operations director with immediate respect.
The statement said: “Respected in the industry with extensive experience in both Countrywide and the estate agency market, he will work closely with Peter.
“Paul’s remit will now also include responsibility for the sales and letting division.
“The Board acknowledges the commitment Alison has given to the Group and wishes her well for the future.”
The statement also included a quote from Platt herself, in which she said: “Since joining in 2014 I have worked hard, within a difficult market, to structure a fragmented business into one set for success. I believe those actions will serve Countrywide well in the future.
“However, the time is now right for me to step aside. I look forward to seeing the business build back and return to growth.”
The statement said that the board will give further details on its strategy on March 8.
The statement added that Platt’s severance terms have been agreed and details will be posted on the company’s website “as soon as practicable”.
Meanwhile, despite the scale of the challenge, there is no shortage of high-level and experienced candidates from the world of estate agency vying to be Alison Platt’s replacement at Countrywide.
Even before her departure was confirmed, yesterday one specialist recruitment company boss said they had had five approaches from such candidates expressing interest should the post become available, and another said they had had two unsolicited approaches.
Countrywide has put its own team in place, with chairman Peter Long stepping up to become executive chairman and Paul Creffield, the experienced managing director of commercial development who joined from Rightmove, being promoted to chief operating officer.
One recruiter, Andrew Deverell-Smith, told EYE that were his firm to be given the brief to head-hunt a new chief executive, he would look first and foremost for someone with industry experience.
He said: “I would advise them to hire an estate agent. It is as simple as that.
“I would move very quickly to find someone who wants the job and can do the job, and leave no stone unturned in the search.
“Having found that person, I would then give them absolute autonomy to drive change very rapidly.”
It has emerged that Platt had been due to discuss market reaction to last week’s trading update with her senior team on Friday.
That reaction had included a fall of some 25% in the share price in the last six days.
In a memo to staff, and in her own words, she told them: “Myself and the Exec will hold a call with your Leaders on Friday, once we have a clearer idea of the market reaction.
“They will be able to share with you what is said on that call.”
That discussion, of course, will not now take place.
Yesterday, the shares went below the £1 mark for the first time, sinking close to 99p for a while, but finishing the day at 100p, according to the London Stock Exchange.
In the short RNS issued this morning let’s get the most important bit of business dealt with !!
Long the Chairman has had his salary increased from £180kpa to £360k pa to reflect his increased responsibillties after Platt’s departure .
Certainly kept his head well below the parapet before and treading water for his £180k pa
Shareholders and staff can only hope that the BODS have already put some feelers out for a suitable replacement and maybe their own positions too!
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They should have sacked her on the spot for starting a memo to the masses ‘Myself and the Exec’
Shame she has gone really, she was making it easier for the rest of us!!
The pleasures of the city, Countrywide is still profitable, but of course the bigger you are, the harder you fall and the market is out of love with the majority of the sector. There is still a lot of difficulty to come. Bringing in the retail principal failed with the insurance companies, banks and building societies although they did bring about micro management of stats and daily activity which didn’t happen under the old style of agency…and of course touting big style became de rigeur!
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Sounds familiar…
Dear CW, We notice you are in the **** and wondered if we could help. We have a Mr A and a Mrs P who are desperately looking in your area”
CW getting touted in CW styleee.
Best outcome, interview arranged by “Specialist Recruitment Company” and said applicants do not show up.
Sorry amuses me the thought that CW think a Recruitment Company approaching them is remotely special.
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Very good!
To be honest Id be up for seeing if I majorly **** up a corporate for 400K a year.
Countrywide get in touch, Quote reference ufdup for a discount on my standard salary.
*If you currently have a CEO you should check the terms and conditions of their contract before employing me to avoid paying 2 salary’s.
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Indeed, I did nearly write the “please note 2 salary comment” classic aint it! I feel a touch sorry for them….. oh wait…. nope, sorry no I dont…. oh wait… not even sorry I don’t, I just don’t. That said, better the devil you know! Always felt comfortable with a local CW office making my life easier.
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LOL. My only concern is that our local CW office will now ditch the dismal signage and upfront fee, ditch the “photo from an iphone” quality, actually provide an accurate value and hey even get a viewing…please CW, stay as you are for as long as possible.
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Haha, completely agree paulnewboy26.
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I’m more surprised you managed to get the word Sh*t through the net!
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oh ****, so I did!
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whoop whoop and again LOL. Sorry EYE and it’s readers. I shall not type **** again. (now if it replaces my stars with that word, I am sorry!!)
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Platt reported as saying:
‘”Since joining in 2014 I have worked hard, within a difficult market, to structure a fragmented business into one set for success. I believe those actions will serve Countrywide well in the future’
No, they won’t.
And Peter Long says: ‘Within our core Sales and Lettings area, however, we have lost focus and a key priority will be to implement changes that will enable this area to start delivering once again’
So, as a Board they all sat on their hands whilst watching the ‘loss of focus’ and non-delivery of results. Pathetic. They all deserve to get the push.
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Well said
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Mixed emotions.
A big element of “serves them right” but then you can’t help but feel sorry for the coal face staff. They’ve been well and truly shafted. From the moment Platt and her assortment of non agents took over and decided that selling houses was the same as selling washing machines it was always going to end in tears.
For the sake of the staff and their families lets hope the board get it right this time round.
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The Board sat by for at least 2 years watching this mess unfold. The Board and Non Execs appointed AP in the first place. They have been observing destruction of the company during the period and now have the temerity to comment as they have! Are these people for real?
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Times have changed, but Countrywide don’t know how to.
What they need need is a team of experienced agents from the ‘coal face’ to build on the staff that are left, retrain and refocus everyone to become client centric.
They need more flexibility and autonomy at the branch level, but with capable people who know exactly what they are doing.
They then need to instil a sense of belonging to something that is worthwhile working hard for, and will provide a rewarding career for those with the right attitude that are willing to endeavour to reap the rewards.
Back it all up with a Collective Group Marketing approach that portrays a clear message to potential customers and a company image that people are proud to belong to.
Add in the constant research and development of new Market leading products and software……and there you go, a five point plan to give rise to the Phoenix from the ashes!!!
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Spot on!
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Ironically they had that taken away by the previous incumbents, Subsidiararity was the buzz word but a certain individual didn’t like it as he was a control freak. several MD,s were made redundant despite them making profits. (no not me)
So the new guy must have experience of leaflet dropping, working saturdays, and of course be opinionated that now he/she has a suit they know it all.
Then again Harry Hill was a Surveyor? and the Connells guy was from FS…….Hmmm
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Whoever they take on, they have to believe in the staff on the high street, it’s no good listening to the much higher management all they want to do is give good news to the MD and then the board and if there isn’t any they kid themselves, that’s why (I was informed by the then MD) I would never get near that high post because I tell it as it is! There were a few of us that would have grown into that position but I don’t think any of us are still there and certainly wouldn’t under platt and reading from her parting words it shows she still hasn’t got it, thank heavens she has been shown the door and taken the invite, good luck CWD, it can be done.
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As a very good friend of mine told one of the over-promoted, totally out of their depth and inept ‘retail directors’ in 2016; if you think CWD is relevant in the industry, competitive, viewed by its competitors as a threat and its clients as providing a quality service; you are at best, overtly optimistic about where you are or at worse, delusional! He tells me he never had the opportunity after that of providing his views. Another example of someone who could ‘do the biz’ being marginalised to the point where their ‘ very expensively acquired’ expertise, was ignored.
Seems it was something that Ali Pali suffered from right up to the end! Or are her parting comments to make the banking of the net after tax of £350,000 slightly more palatable and easier on the conscience?
Good people needlessly lost their livelihoods in the last few years with offices closing that shouldn’t have been and a ‘strategy’ (that still makes me laugh), that was just plain wrong from the get go!
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Countrywide’s top management should not be surprised by the continuing share value decline – if they are, then they were too distant from reality. If not then they should have done something about it sooner. Only focus on themselves and their own ego’s which have clearly got in the way of sensible decision making. Wrong strategy, wrong culture. The good news is that their position could be reversed…if the board make the right decisions.
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Branches have increased now that they are in poundland
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Mr Long has blood on his hands as he stood by and watched the retail gang take it to the wall.
Paul Creffield is the only senior person who didn’t leave to pursue new opportunities which tells me one of two things 1) he was worth keeping round as he knew what he was doing (this doesn’t sit well with first hand accounts of those that have worked with him but they could be wrong) 2) he has sucked up to the retail gang knowing they were doomed in the hope that he would inherit the earth. Neither of this would sit well with me as a shareholder or lower level employee.
Hope they have the sense to try and bring back some of the people that left with an understanding of what is required for CW to be successful again. In all the senior positions and lose those that have sat by while it’s been run down
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I know a great guy for this job.
Loads of experience, exceptional agency brain, motivator of people and knows his way around a p&l as well as big city finance.
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Lets hope they can bring in the people to really make it work, (both ours closed, so none in our town) they may never have been respected by others, however, I enjoyed working for them, and owe a debt of gratitude to my regional managers, I have watched them implode and have been saddened by it.
I hope for the grass roots staff they can turn it around and make their staff proud.
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A
£675,000!!!!!!!!!!!! Pay Off?!!!!!!!!!
for bringing a Company to its knees!!!
and Peter Long effectively states “Well, she was really experienced in our industry”
Sack every single one of them!
Disgraceful, Shameful…… Ms Platt & Co should go far, far away and contemplate how they delivered monumental failure, yet were ultimately rewarded for doing do!!!
Shameful, Shameful, Shameful Corporate Performance…. Peter Long & Co? …..shuffle onto that plank and walk with your shameful heads bowed.
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How very dare you Mr. Long! Most of the staff have never heard about you before today or indeed even met you, the moment AP has gone you now decide that CW need to re-focus, for your information we at the “coal face” have been nothing but focused it is the likes of you and the rest of the senior management that should have been focused some three years ago but no you did diddlysquat! Nobody can recall you or any other senior manager saying anything remotely like this before today! Staff at branch level having being saying this since the day AP was appointed (particularly after meeting her) and as a consequence were a) managed out b) told by senior management “yes you are quite right but we are going to have to be quiet, keep our own counsel and wait until AP has gone (which will be any day or the next day or…) as we are not prepared to speak out otherwise we will also lose our jobs” c) “Don’t be silly she knows what she is doing so let’s all believe the fake news and ridiculous rhetoric as it must make sense?”
How can AP with a straight face or with any level of integrity take this money? This is just another example of what this country has become and the injustices we all see on a daily basis. Even now she can’t accept any responsibility, she is still coming out with “fake news “that we have all had to put up with for years, I have not met one other person within CW at ANY level that had ONE good word to say about her or her “strategy” after actually meeting her that understand the business, in her defence that were some within the company that would not agree this, which speaks volumes for the predicament we are now in. AP and the rest of the senior team have very nearly destroyed a once great company that was market leader in several sectors of the property business whilst the entire senior management sat there and nodded their heads at her, these same people have the audacity to think we are going to accept them as our new leaders? You’re now saying we need to re-focus! No what WE need is for you all to sod off and be replaced by people that we know of and can actually trust to lead us out of this mess YOU assisted in creating, take your fat cheques and the let real workers to get us out of this…..
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Well said Compo.
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All these oiks need to go they are all complicit in some form of corporate manslaughter . Who is this guy called ? Has he just crawled out from under the boardroom table now that AP has gone , and claiming he is now the saviour ! Take a hike mate , you were taking 180k a year for turning up once a month at best , and oversaw and approved the ongoing destruction of what once was a great company . R.I.P CWD Plc .
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