Purplebricks UK and US chief execs step down
Two Purplebricks leaders are stepping down amid challenging market conditions, both at home and abroad.
Lee Wainwright, UK chief executive, and Eric Eckardt, US chief executive, will shortly be leaving the business.
After two years with Purplebricks, Wainwright is departing for personal reasons. His responsibilities will be taken on in the interim by Vic Darvey, Purplebricks’ group chief operating officer, who joined the company in January 2019 from Moneysupermarket.com.
Two Purplebricks leaders are stepping down amid challenging market conditions, both at home and abroad.
Lee Wainwright, UK chief executive, and Eric Eckardt, US chief executive, will shortly be leaving the business.
After two years with Purplebricks, Wainwright is departing for personal reasons. His responsibilities will be taken on in the interim by Vic Darvey, Purplebricks’ group chief operating officer, who joined the company in January 2019 from Moneysupermarket.com.
Eckardt will also be leaving the company after two years. Michael Bruce, group chief executive and co-founder – who was instrumental in the growth of the Purplebricks business in the UK – will take on day-to-day management of the US business with immediate effect.
Despite a “challenging” UK market, the firm is optimistic that UK revenue for the current financial year will be approximately 15-20% above the prior year.
The company also expects to maintain its 75% share of UK online instructions and for Purplebricks to “continue to be the clear market leader in UK hybrid estate agency”.
However, in both the US and Australia, the agency said revenue will not be “sufficient to meet its expectations in this financial year”.
As a result, the board believes revenue for the current financial year will now be in the £130m-£140m range, down from £165m-175m.
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