Bovis Homes chief quits

Aaron Morby 1 year ago
Share

Bovis Homes chief executive David Ritchie is stepping down from running the southern house builder with immediate effect.

He will remain with the group until the end February to assist with the process of transition as Earl Sibley, the group’s finance director, takes over as interim chief executive.

Bovis Homes said it would now start its search for a permanent successor which is expected to take several months.

His decision comes weeks after the house builder anounced a profit warning because it failed to complete the number of homes it expected at the end of 2016.

Annual pre-tax profits are expected to range between £160m and £170m, below previous City forecasts of £183m. The company turned in a pre-tax profit of £160m in 2015.

Ritchie said: “It has been a privilege to serve Bovis Homes as its chief executive over the last eight years as the group has doubled in size and delivered record profits.

“I believe now is the right time for someone new to lead the group into its next phase of development. I have spent over 18 years working for this great company and I wish Bovis Homes every success in the future.”

Bovis Homes chairman Ian Tyler said: “During his time as chief executive, the group successfully navigated the housing market recession and has grown rapidly since 2009.

“David was instrumental in preparing the Group for growth and then implementing the new strategy. We wish David the very best for the future and every success in his next venture.”

Latest news

Specialist trade bodies petition No 10 for payment reform

Unprecedented coalition of trade associations urge Prime Minister to act
2 hours ago

Contractors fold before £2m site death fines

Judge hands out huge fines but firms are no longer in business
19 hours ago

Kier lands lead role in £19.4m Glasgow theatre revamp

Work to start in September revamping the Citizens Theatre
4 hours ago

CMS wins £10m glazing deal on BAM’s Atlantic Square job

Major package win on £100m scheme
10 hours ago

Green light for £350m Leeds South Bank scheme

Preparation works can now start with construction planned to start next year
1 day ago

Mace go-ahead for London £150m Hanover Square scheme

Great Portland Estates JV secures pre-let to start building work on Mayfair scheme
18 hours ago

Growth to rebound to 2.7% next year after flat 2018

30% fall in office activity over two years offset by surge in infrastructure
19 hours ago

Crystal Palace to start £100m main stand next summer

Iconic main stand plan to go to London mayor to rubber stamp
1 day ago

Builder murdered by colleague on central London site

Murder hunt under way after construction worker bludgeoned by colleague on Hatton Garden roof
3 days ago

Barratt to pay for post Grenfell cladding upgrade on Croydon block

Government urges more house builders to pay for safety work rather than leaseholders
4 days ago

Boost your online presence – join the new Enquirer Directory

New site for suppliers and buyers will showcase their products, services and latest stories
2 weeks ago

Carillion’s Midlands Pf2 hospital to cost extra £125m

Skanska confirmed for Midlands Metropolitan Hospital as trust waits for Government go-ahead
4 days ago

BAM Nuttall fined £900,000 after painter tears ligament

Court hears how worker plunged through station waiting room roof
4 days ago

Builders told to wait over a year for brick orders

Smaller builders warn of rising materials prices and lead times
4 days ago

14-storey Milton Keynes ‘sun hotel’ approved

Hotel La Tour gets nod for tallest building in Milton Keynes city centre
4 days ago

Hill bags £41m Homes England direct commission job

Public land direct commissioning scheme entails building 160 homes
4 days ago

KBR buys Carillion’s Aspire Defence business

Deal secures workforce and future of Project Allenby Connaught contract
4 days ago

New Seddon built Coronation Street set makes debut tonight

Contractor has been working on Weatherfield extension since last summer
4 days ago

Betting Spy: Bookies keep under-estimating Burnley

The Clarets are a big price at 5/2 to beat sinking Stoke
4 days ago

London roads upkeep JV loses court battle with TfL

High Court backs TfL in rates row with Colas, VolkerHighways and AECOM
5 days ago

Keltbray looks overseas for new rail work

Contractor targets Canadian market as UK rail electrification work dries-up
5 days ago

Designs revealed for £100m Glasgow office complex

Demolition work to start later this year at city-centre site
5 days ago

Work to start in June on £50m Aberdeen FC stadium

Football academy will be built before new 20,000 sq ft stadium
5 days ago

Plans go in for new hotel at Sheffield Velocity Tower

Seven-storey Ibis planned to complete city centre development
5 days ago

More than 500 towers planned for London

Slight slowdown in construction starts and completions
5 days ago

Spie to sell overhead power line division to Keltbray

Spie to quit sector just three years after buying Leven Energy Services
6 days ago

Over 100 MPs back ring-fencing of retentions

MPs supporting Aldous Bill retention reform jump 10-fold in wake of Carillion
6 days ago

Brick makers confident of meeting rising demand

Manufacturers pledge to continue boosting capacity as reports of site shortages continue
6 days ago

Hammerson pulls out of Intu takeover

High Street retail wobble scuppers shopping centre developer merger plan
6 days ago

United Living wants to meet new suppliers and subcontractors

Drop-in event to outline new work opportunities in Essex: Register now
6 days ago

Contractor services