The non-executive chair of Countryside Partnerships, John Martin, has resigned with immediate effect.
Douglas Hurt, senior independent director, has taken over his roles as chair and chair of the nomination committee, while Amanda Burton has become senior independent director.
Hurt said: “We are sorry to see John Martin go and would like to thank him for his dedication, commitment and significant contribution to Countryside. We wish him all the best for the future.”
Martin added: “I would like to thank all colleagues in Countryside who have contributed to making the company unique and to wish you all the greatest success going forward.”
Martin’s sudden decision comes after Countryside rebuffed a £1.5bn takeover approach from Inclusive Capital Partners, and was urged to find a buyer by one of its largest shareholders, Browning West. It claimed actions by the board had led to a “significant destruction of shareholder value”.
Countryside said Martin’s abrupt resignation would not affect its financial guidance or profit targets. It is banking on a record performance for H2 to reach profit targets of £150m.
However it has faced criticism for failing to follow rivals in capitalising on the recent housing boom, with its share price down by almost a half this year.
The fall reached a five-year low after the departure of chief executive Iain McPherson in January after a profit warning. His exit was accompanied by Browning West appointing a representative to the board.
Martin took over as interim chief executive following McPherson’s equally abrupt departure but, in May, Mike Woolliscroft, chief executive of partnerships south, and Phil Chapman, chief executive of partnerships home counties, jointly took over to lead the business until a new chief executive is able to join the group.
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