There has been an exodus of directors from property agent DTZ over the past month, Building has learned, as the company refused to rule out making redundancies
Peter Collins, managing director for northern Europe, David Bradley, group HR director, Stephen Clarke, head of financial consulting, and Duncan Scott, head of IT, have all left the firm in the past four weeks, DTZ confirmed.
The news of the departures comes amid speculation that more job losses are on the cards this autumn as the firm tries to claw back funds.
It has already cut 1,500 jobs in response to the downturn.
A source close to the company said: “It may well be that they are leaving because they have had enough.”
In response to concerns over job cuts, a company spokesperson said: “DTZ has plans to save at least a further £20m by the end of our financial year 2009/10 on an annualised basis, through a variety of measures. Further redundancies cannot be ruled out.”
Earlier this year Paul Idzik, appointed chief executive in November, took a 25% pay cut to battle the tough market conditions, reducing his salary to £300,000.
In the year to April 30 2009, the property agent made a loss of £79.7m.