Countrywide non-executive director quits - no reason given

The latest departure from troubled estate agency group Countrywide is non-executive director Richard Adam, who was chair of the audit and risk committee.

He has served on the company board for just under three and a half years and will depart at the next annual meeting. Until then will remain as chair of the committee; he will also continue to serve on the remuneration and nomination committees of the company. 

Countrywide says a research for his replacement is already underway.

A statement from non-executive chairman Peter Long said: "The board of Countrywide wishes to thank Richard Adam for his significant and continuing contribution to the board and its committees since joining Countrywide. The whole board wishes Richard well for the future."

Yesterday Estate Agent Today asked Countrywide for the reason behind Adam’s departure: Countrywide responded by asking us to refer to the statement above, which did not give any reason for the move.

However, Adam is the former finance director of commercial building company Carillion which has lost much of its market value in recent weeks and is tipped by some investment advisers as a likely takeover target. Adam is also reported to have resigned from the board of transport operator First Group, only six months after joining.

Earlier this week Countrywide announced that Investec Asset Management had bought a 5.6 per cent share in Countrywide, having had no previous involvement in the group. However, the company’s share price - while above last week’s low of around 105p - is still languishing around the 112p mark.

Adam’s description on the Countrywide website reads: “Richard was appointed as Non-Executive Director of the company on 9 June 2014 and became Chairman of the audit and risk committee on 1 August 2014. A Chartered Accountant qualifying with KPMG in 1982, Richard has nearly 30 years of experience as Finance Director of private and listed businesses. Most recently, since April 2007, Richard has been Group Finance Director of Carillion PLC and before that of Associated British Ports Holdings PLC. He was previously Non-Executive Director and Chairman of the audit committee of SSL International PLC. He is a graduate of the University of Reading.”