Shares in Purplebricks have today dropped in price to an all-time low following the resignation of the company’s Australian CEO Ryan Dinsdale.
Purplebricks issued a statement to Australian media yesterday revealing that it had been mutually agreed that he would exit the business on March 1st next year following a period of transition.
He is to be replaced by the company’s global chief operating officer and former Rightmove star Neil Tavender, who was appointed in August to help sort out its troubled sales operation.
Following the news, Purplebricks’ share value dipped down to £1.62p, the lowest it has ever reached since it floated on AIM in December 2015. Only six months ago it was at £3.79p.
Oz business magazine The Australian Financial Review has reported that territory owners and agents were unaware of Dinsdale’s departure and that they had been told he was on annual leave.
Dinsdale, who until now had denied rumours he was considering quitting the company, has endured a torrid few months at Purplebricks.
In June, after denying that its Oz business was struggling, one of its former territory managers then went public with an unflattering insight into its sales operation.
Then in August figures were leaked revealing that its sales teams were significantly off target before it then radically changed its fee structure in September.
The most recent figures for Australia reveal that the operation lost £12.4 million on a turnover of £13.5 million, and its latest trading update admitted to ‘some challenges’.