Purplebricks CEO to step down

Estate agency business Purplebricks Group said on Thursday that chief executive Vic Darvey had informed the board of his intention to step down due to personal circumstances.

Purplebricks stated Darvey will leave Purplebricks at the end of March, with chief operating officer Helena Marston set to fill his shoes, with effect from 4 April, subject to the completion of customary due diligence checks.

The AIM-listed firm said Darvey had led it through "a period of considerable change", the Covid-19 pandemic and a business transformation since joining in January 2019, with the outgoing CEO responsible for overseeing the firm's exit from its loss-making international operations, as well as being behind the implementation of a new operating model for its UK business.

Purplebricks added that Marston had worked closely with Darvey on its strategy and new business model and had also implemented a number of its performance improvement initiatives herself.

As of 0910 GMT, Purplebricks shares were up 2.86% at 14.91p.