Countrywide CEO Alison Platt resigns less than a week after profit warning

Countrywide said on Wednesday that chief executive officer Alison Platt has resigned, less than a week after the company's shares tumbled on the back of a profit warning.

Peter Long has been made executive chairman until a successor is appointed, while Paul Creffield, previously managing director of Commercial Development, has been appointed group operations director with immediate effect. Creffield, whose remit now also includes responsibility for the sales and lettings division, will work closely with Long.

Platt 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."

Peter Long said: "In Countrywide we have a strong and successful business in financial services, B2B and commercial led by an experienced and committed management team. 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. Working together with this experienced executive team I feel confident we can return the business to profitable growth."

Last week, Countrywide warned that total income for the year to 31 December was expected to drop to around £672m from £737m the year before, with fourth-quarter income of approximately £164m compared to £179m in 2016 amid low transaction volumes from estate agency. It also said earnings before interest, taxes, depreciation and amortisation were expected to drop around 45% to £26m.

At 0930 GMT, the shares were up 2% to 102p.