Countryside chief executive makes sudden exit

Aaron Morby 3 years ago
Share

Partnership homes developer Countryside Properties today announced chief executive Iain McPherson is to step down with immediate effect by mutual agreement.

McPherson steps down by mutual agreement
McPherson steps down by mutual agreement

While the board searches for McPherson’s replacement John Martin, chair, will stand in as interim CEO.

During this time, Martin will conduct a review of each of the firm’s developments across every region to ensure that each site is being developed in accordance with the plans set out during the investment process.

Today the firm also released trading figures, which were below board expectations, for the first three months of the new financial year to December 2021.

Operating profit was more than halved at £28m from £60m previously, on revenue down 28% to £429m.

John Martin, chair of Countryside said: “Iain McPherson has led Countryside through a challenging period, including the Covid pandemic and has clarified the group’s strategy, which is to focus all of our resources on our market-leading Partnerships business.

“I would like to thank Iain for his unwavering commitment and dedication to Countryside as leader of our business in the South and subsequently as Group CEO and to wish him every success in the future.”

McPherson said: “It has been an honour to serve this great company. I have worked with many talented colleagues, and I expect them to drive the company from strength to strength.”

Countryside also announced that Peter Lee, a partner at US investment firm Browning West, one of the home builder’s largest shareholders, was joining the board as non-executive director.

Previously Browning West had called for Countryside to be spilt into two parts to allow the Partnership business to thrive.

Countryside and Browning West have entered into an agreement which clarifies the obligations of both parties in respect of Lee’s appointment.

This includes, among other things, an undertaking that Browning West will not propose resolutions at general meetings, circulate statements to shareholders or seek to remove directors from the board.

Latest news

Blenheim House Construction enters administration

Administrators looking at option on present projects
11 hours ago

HS2 to spend £100m shutting sites where work never started

Remediation of sites no longer needed for cancelled Phase 2 will take three years
14 hours ago

ISG sale imminent as buyers set-up UK holding company

South African nutrition entrepreneur and Australian partner primed to take over
22 hours ago

CR Construction wins £210m Manchester towers

Construction to start next year on four blocks ranging from nine to 34-storeys
22 hours ago

Southern Housing to rationalise supply chain following merger

Firms put on alert for £1.7bn construction framework renewal
21 hours ago

Decision delayed on 52-storey Isle of Dogs tower

Hong Kong developer plans 460 flats block next to Millwall Inner Dock
21 hours ago

Go-ahead for £850m North London estate rebuild

Flagship Edmonton housing estate redevelopment will deliver 2,000 new homes
21 hours ago

Mace lands £184m Oxford Science Park contract

Contractor to build trio of laboratory and office buildings
2 days ago

Worker paralysed in 30ft fall during electricity pylon demolition

Specialist firm fined £240,000 after court hears linesman attached lanyard to a loosened steel section
22 hours ago

Sir Robert McAlpine clinches £4bn Somerset gigafactory

2.6m sq ft car battery plant will require over 2,000 workers at peak construction
2 days ago

House builder Hill Group tops £1bn turnover

Group's controlled development pipeline stands at £10bn
2 days ago

Higgins wins 360 new homes job in south London

Firm will now work up planning for phase 2 of Brixton housing project
2 days ago

Kier starts £48m Ealing high school job

Northolt High School to be rebuilt for 1,130 pupils
2 days ago

Plans in for £64m Suffolk A12 upgrade

Work to start next summer on dualling and junction upgrades
2 days ago

Man suffers multiple fractures in HS2 accident

Engineering firm fined after fall leaves worker in hospital for two months
2 days ago

Go-ahead for Milton Keynes’ largest private rental project

Platform_ to build 20-storey scheme of 335 flat next to train station
5 days ago

A2Dominion reins in new-build and cuts development team

Housing association to stop private new build sales in big strategy switch
5 days ago

Sellafield partnership appoints final key delivery partners

Altrad and Kaefer bag £180m access, insulation and painting deal
5 days ago

Health centre canned as build costs double in four years

Devon NHS stands down plans for Health and Wellbeing Centre in Teignmouth
5 days ago

Family confirm death of Des O’Rourke

Deputy chair and co-founder of Laing O'Rourke dies aged 75
6 days ago

Plans approved for major phase of £2.5bn Salford Crescent

Crescent Innovation will help create global research hub
5 days ago

Deal to kick-start 3,000-home Northstowe town centre

Labour Government acts to unlock next phase of new town near Cambridge
5 days ago

Striking new-look for Canary Wharf HSBC tower

Large chunks of upper floorplate to be removed in major overhaul
6 days ago

Kier halves debt to £115m after strong trading year

Order book up 7% to £10.8bn with 85% of work secured for year ahead
6 days ago

Developer blasts “unfair” power charges on huge Liverpool site

Romal Capital unhappy about site power hook-up costs
6 days ago

Regal to start Wembley 1000-bed student scheme

Backer found to deliver £400m twin tower student scheme
6 days ago

Breyer Group bags £163m housing repair deal

Major repair and maintenance win from Kingston Council
6 days ago

VolkerFitzpatrick lands Piccadilly Line upgrade deal

Contractor to work on Cockfosters depot
6 days ago

26 face fight to renew spots on £1bn NEPO civils deal

Next generation framework to start in March 2025
7 days ago

Go-ahead for £170m King’s Cross life sciences office project

Innovative arched design to carry landmark building over railway tunnels
7 days ago

Contractor services