London-listed broker DTZ has announced the resignations of CEO Paul Idzik and finance director Robert Rickert on Tuesday. The sudden departures are believed to be linked to lack of progress on a concrete takeover bid for the ailing global property adviser.

DTZ has appointed John Forrester, head of UK and Ireland, to the board as replacement for Idzik. Chief Financial Officer James Thomson has also been appointed to DTZ's board and will fill the vacancy left by Rickert's departure.

Back in May DTZ confirmed it had received a number of approaches, including one from its majority shareholder, French family-owned business Saint George Participations (SGP), which planned to mount a full takeover of the UK adviser ahead of a sale to BNP Paribas Real Estate.

Despite much speculation over the last few months SGP has yet to table a formal bid. The uncertainty has led to an erosion of DTZ’s share price from a high of 51 pence in May on news of the possible takeover. DTZ's shares were down 9.5% at 31 pence in early trading on Tuesday, underperforming a 1.8% drop in the broader index of UK property stocks.

The UK's Daily Telegraph newspaper reported on Tuesday that Idzik and Rickert had resigned after failing to convince the DTZ board to force the issue and clarify the company's future for staff and shareholders by issuing a 'put up or shut up' ultimatum to its majority shareholder. SGP has three seats on DTZ's board.

In a press statement DTZ said Rickert was leaving after 36 months having made 'substantial progress with the major cost-reduction and restructuring programme' for which he was recruited. It added: 'Paul Idzik believes it is appropriate for a new leadership team to be put in place and has also decided to leave the company at this time.'

A day after presenting its annual report, DTZ was unable to provide any news on Tuesday about a potential merger or takeover but reiterated its statements in May and June this year that it had received 'a number of' approaches about investment in its shares. 'Whilst there can be no certainty that these approaches will lead to a transaction, the board continues to review these and discussions are progressing. A further announcement regarding these approaches will be made, as appropriate, in due course,' the company said.