Property portal OnTheMarket has announced that it has given notice of termination of employment to CEO Ian Springnett, with immediate effect.
The board has appointed Clive Beattie, chief financial officer, as acting chief executive officer. Korn Ferry, a leading executive search consultancy, has been appointed to conduct the formal recruitment process for a permanent replacement.
The announcement came as OnTheMarket published a positive trading update.
The company reported revenues were “slightly above” the £18m to £18.5m guidance provided in September 2019 and the company expects to report better than anticipated adjusted EBITDA performance. At 31 January 2020 the company had net cash of £8.7m.
Christopher Bell, chairman of OnTheMarket, said: “On behalf of the board and all our colleagues I would like to thank Ian for his hard work and commitment over many years.
“He has played a major part in helping establish OnTheMarket.com as one of the UK’s leading residential property portals and we wish him every success in the future. Our commitment to building a strong, agent-backed, profitable and technology enabled business remains undiminished.”
He added: “However, to continue our progress toward this objective and take OTM forward through the next phase of its corporate development, the board believes now is the right time to appoint a new chief executive.
“The board remains very confident in the prospects of OTM and its potential in capitalising upon its substantial growth opportunities. We have built a talented team and we will continue to ensure that we provide innovative, affordable and valuable solutions to meet our customers’ changing needs.”