Mystery surrounds latest senior departure from Purplebricks

Activist shareholders and agency industry analysts alike appear mystified at the latest high-flyer to depart suddenly from Purplebricks

Yesterday the troubled agency - which is in the middle of what is believed to be a large-scale redundancy programme - announced that its chief financial officer Steve Long was to leave next week. Long had been in the job just 12 months, taking over from Andy Botha who had been in post only 18 months. 

The new chief finance officer is Dominique Highfield who takes over on Tuesday of next week. Highfield, a qualified accountant, joins Purplebricks with 15 years’ experience in finance including at Sainsbury’s, Amazon and, most recently, as director of finance at Pentland Brands.

Following the unexpected news of Long’s sudden departure, activist investor Adam C Smith - who has been critical of Purplebricks management, and whose Lecram Holdings has a 5.0 per cent share in the agency - said: “We are extremely surprised to see the CFO depart in under a year, without a clear explanation why. Under Paul Pindar’s stewardship, Purplebricks has gone through four CEOs and five CFOs, which is a factor in why it has underperformed so badly. How long are shareholders prepared to wait for the chairman to accept responsibility and step down so we can end this circus and stabilise the company?”

New CFO Highfield, along with company chairman Paul Pinder and chief executive Helena Marston, put out the regular statements surrounding the change of financial leadership. 

Highfield said: “I am proud and inspired to be joining Purplebricks.  I believe the brand’s offering to consumers is incredibly relevant and much needed during the current climate, and that we can make a real difference to real people. Helena and I share high aspirations for the performance of the business.  I am excited by the calibre, commitment and customer-focused culture within the Purplebricks team, along with the clarity of Helena’s plan.

“I look forward to bringing my commercial finance experience to the Board and Executive Leadership Team. I am passionate about leading the finance function through the business’ next chapter of growth, making sure finance has a pivotal seat at the table – influencing sustainable cash and profit growth.”

Paul Pindar, chairman of Purplebricks, said: “I would like to thank Steve for his contribution and supporting Helena as she transitioned into the chief executive role. We wish him the very best with his future endeavours. I am delighted to welcome Dominique. Dominique brings strong and relevant financial and strategic experience alongside a commercial attitude and an energy and determination that aligns with Helena’s. I believe the partnership between Helena and Dominique is exactly what Purplebricks needs to create a better, sustainable performance.”

And Helena Marston, chief executive, commented: “Dominique is a seasoned financial executive and is well-equipped to work with our senior executive team to help us return to sales growth and gross margin improvement at pace. Dominique has a reputation for being a strong, ‘hands on’ organisational leader and an excellent collaborator with commercial teams.  I thank Steve for all the support he has given me since I became CEO and I wish him the very best for the future.”