DTZ shares nose-dive as two top executives quit
SHARES in property consultancy DTZ tanked 4.4 per cent despite the broader market bounce yesterday, after its chief executive and finance director abruptly left the firm and there was a frustrating lack of progress in its takeover talks with “a number of “ suitors.
Paul Idzik, who has served as chief executive since 2008, and finance director Robert Rickert have stood down with immediate effect, unsettling the company’s board in the midst of takeover discussions with largest shareholder Saint Georges Participations.
SGP first approached the property firm in May, marking what some analysts hoped would be a turnaround for the group following a heavily-discounted rights issue in 2009 and a profits warning last year.
“Paul Idzik believes it is appropriate for a new leadership team to be put in place and has also decided to leave the Company at this time,” the firm said in a statement.
DTZ’s head of UK and Ireland John Forrester has been promoted to chief executive and will take a seat on the board. James Thomson, currently chief financial officer, will become finance director.
DTZ shares closed at 32.75p yesterday, down 4.4 per cent but still above the 28p trough seen before news of takeover talks surfaced.