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Purplebricks announces CEO departure, shares plunge


The online estate agent announced the resignation of chief executive and the company’s founder Michael Bruce who has stepped down with immediate effect and has been replaced by chief operating officer, Vic Darvey.

The company also said it was pulling out of Australia and plans to cut back on marketing in the US market.

Stocks impacted: Purplebricks Group PLC (PURP)

Non-executive chairman Paul Pindar apologized to shareholders for its recent «disappointing» performance. As a reminder, last year, its share price slumped more than 64% and it has dipped a further 9% this year. Shares fell in February after the company cut its sales forecast from between £165m and £175m to between £130m and £145m. It confirmed these figures in today’s trading update, adding that cash balances at 30 April 2019 would not be less than £62m.Shares fell over 5% after CEO departure announcement.

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