One of Countrywide’s six independent non-exec directors has resigned from its board and, the company says, a search for a replacement is now under way.
Richard Adam (pictured, right) joined Countrywide’s board in June 2014 and was appointed as Chairman of its audit and risk committee in August that year – a role he has agreed to continue until its AGM and results in April next year. He will also continue to head up its Remuneration and Nomination Committee.
“The Board of Countrywide wishes to thank Richard Adam for his significant and continuing contribution to the Board and its committees since joining Countrywide,” says Peter Long, Non-Executive Chairman of Counrywide Plc. “The whole Board wishes Richard well for the future.”
As well as being a non-exec at Countrywide, he also holds the same position at builder Countryside and two other companies, while also being Group Finance Director at building and services giant Carillion.
The news of his departure would appear to have nudged shares in the company downward – which dropped 0.7% yesterday after Adam’s resignation was announced at £1.12p, ending a week-long rally in its share price that has seen it rise by 10% since last Friday.
The rise is partly attributable to the news on Tuesday that Investec Asset Management had bought 13.32 million shares in the company, giving it a 5.6% share in the business.
This reveals that either investors think the property market has absorbed the worst of the news from the economy and jitters over Brexit or that Countrywide shares have dropped too low – they are down 45% year-on-year – and are now undervalued.