Rightmove shares sinks as CEO prepares to step down

Rightmove shares has plummeted after its chief executive Peter Brooks-Johnson announced plans to step down.

Brooks-Johnson will step down next year after more than 16 years at the firm.

He will remain CEO until the company posts its full-year figures in February 2023.

Brooks-Johnson joined the firm in 2006, became its chief operating officer in 2013, and took the helm in May 2017.

Shares in the FTSE 100 company fell as much as 7.1% to 519.4p in mid-morning trade in London.

It comes as the company, which earns the bulk of its money from estate agents listing homes, reported an operating profit of £226m ($278.8m) on revenues of £305m.

Rightmove, which launched in 2000, advertises over 90% of all UK property listed for sale. It was formed by estate agencies Countrywide, Connells, Halifax and Royal and Sun Alliance, and was initially free to list homes before it started charging in 2002.