Foxtons founder and CEO Jon Hunt has taken over as CEO of Foxtons North America after the buyout and departure of former CEO and founder Glenn Cohen.
Hunt will assume responsibility for the day-to-day operations of the U.S. company headquartered in West Long Branch, N.J., according to a company statement today.
Hunt opened Foxtons U.K. in 1981. The company has 600 staff and expects to list 35,000 homes in London this year. The U.S. operation has 400 employees and 10 locations in New Jersey, New York and Connecticut.
“Foxtons remains committed to the success of the YourHomeDirect.com model and looks forward to extending Glenn’s vision as the company grows across the United States,” Hunt said.
Foxtons has agreed to buy out Cohen’s ownership interests in Foxtons, which he founded in 1999 as YourHomeDirect.com in 1999.
“My objective in starting this company was to create a major brand in real estate and to change the industry; and I’ve accomplished that goal. I now want to continue pursuing more entrepreneurial ventures, and the Foxtons purchase will enable me to do that,” Cohen said.
YHD introduced Foxtons’ signature 2 percent commissions and Internet-based technology. London-based Foxtons invested $20 million in the company in March 2001.
The New Jersey state Labor Department has opened an investigation into Foxtons’ overtime practices, according to a department spokesperson. The company could owe back wages and fines if it were found to have violated labor laws.
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