LONDON (ShareCast) - (Sharecast News) - London estate agent Foxtons said on Friday that chief operating officer Patrick Franco has stepped down from the board with immediate effect.

He is leaving the company to take up the role of vice chairman of Global Heritage Fund, where he has served on the board for nearly a decade. Foxtons said Franco's duties will be assumed by chief executive Nic Budden.

The group also said that Chris Hough has joined the board as chief financial offer and a director. His appointment had already been announced in December last year.

Chairman Nigel Rich said: "On behalf of the board I'd like to thank Patrick for his contribution to Foxtons over the last seven years and we all wish him well for the future.

"Cost control continues to be an area of focus, and over the last six months the company's actions have included simplifying its executive and senior management structures. We are pleased to formally welcome Chris to a more streamlined Foxtons noard, and we are looking forward to working with him and the wider executive team as we continue to implement our growth strategy."

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