Sky News reports that the UK’s biggest estate agent will not reveal the timing of Turner’s departure, but has hired headhunters Ridgeway Partners to look for a new chairman.
It added that insiders say there is no urgency to replace Grenville (pictured).
Turner joined Countrywide in August 2006 to become group chief executive in January 2007, which saw him oversee the company’s stock market flotation in 2013. At the time of the announcement, the firm was valued at around £750m with an initial share price of 350p.
He is also a non-executive director of the Department for Communities and Local Government and Zoopla Property Group.
His appointment from chief executive to chairman at Countrywide was viewed as controversial among City investors that this could prevent the sufficient independence needed for the role.
According to Countrywide’s most recent trading update, mortgage volumes increased by 10% in the third quarter of 2015 but overall earnings dropped 11% below last year. Its estate agency also recorded a drop in sales, with the total number of house exchanges falling by 8% on the same quarter in 2014.
A spokeswoman at Countrywide said: “The board at Countrywide are currently undertaking a succession planning exercise as they fully adhere to standard corporate governance practices.”
