Purplebricks CEO Vic Darvey bows out after troubled tenure
The chief executive of online property platform Purplebricks is to step down at the end of this month after a difficult three years in charge.
Vic Darvey is leaving due to personal circumstances and will be replaced by chief operating officer Helena Marston as CEO from April 4.
Darvey replaced former Purplebricks boss Michael Bruce, who was credited with turning the firm into the biggest competitor to traditional High Street estate agents.
Purplebricks is facing a class action from more than 100 former self-employed agents who have argued that it did not award them the benefits given to permanent employees.
The company recently discovered it had failed to inform tenants their security deposits had been placed within a national protection scheme.
Purplebricks has warned it could face costs of up to £9 million following the “process issue” in its lettings management business, which delayed publication of its interim results last December.
Shares have dropped 90% during Darvey’s tenure. The price rallied 0.45p to 14.95p this morning.
Paul Pindar, chairman of Purplebricks, said: “On behalf of the board I would like to thank Vic for his leadership, energy and commitment to Purplebricks. He has guided the business during a period of considerable change and challenge.”
Darvey said: “It has been a privilege to lead this business over the last three years. While I am sorry to be leaving at this stage in the company’s transformation, we have a great team in place and a clear plan which I have every confidence Helena will deliver.”
