Former Tui Travel chief executive Peter Long has stepped in to run estate agency Countrywide after chief executive Alison Platt resigned after the company issued a profits warning last week.
Long, chairman of Countrywide since 2016, is to become executive chairman until a new chief executive is found.
He currently receives a fee of £180,000 a year, which will double to £360,000 during the period that he is executive chairman of Countrywide, according to the company.
Long, a member of the Tui Group supervisory board who is also chairman of Royal Mail Group, said: “In Countrywide we have a strong and successful business in financial services, B2B and commercial led by an experienced and committed management team.
“Within our core sales and lettings area, however, we have lost focus and a key priority will be to implement changes that will enable this area to start delivering once again.
“Working together with this experienced executive team I feel confident we can return the business to profitable growth.”
Platt, a former British Airways executive, said: “Since joining in 2014 I have worked hard, within a difficult market, to structure a fragmented business into one set for success.
“I believe those actions will serve Countrywide well in the future.
“However, the time is now right for me to step aside. I look forward to seeing the business build back and return to growth.”