26th Mar 2019 08:16
LONDON (Alliance News) - Galliford Try PLC Chief Executive Peter Truscott has left the company with immediate effect to join peer Crest Nicholson Holdings PLC, the two housebuilders announced Tuesday.
Truscott will join Crest Nicholson as chief executive once his Galliford Try contract ends in September.
Crest Nicholson's current CEO, Patrick Bergin, will step down at its annual general meeting being held Tuesday.
In the interim period, Chris Tinker will become CEO. Tinker is currently chair of major projects & strategic projects.
"We are delighted to welcome Peter to Crest Nicholson. We announced last year we were shifting strategy from growth to cash generation with a strong emphasis on partnerships and other joint ventures, to de-risk the portfolio while delivering more homes," said Crest Nicholson Chair Stephen Stone.
"Peter is highly experienced at delivering a broad range of housing needs to customers working with Local Authorities, Housing Associations as well as private homebuyers. This, together with his operational and public company experience, will bring strong additional expertise to our team."
Galliford Try has appointed its Finance Director Graham Prothero as its new CEO, while Linden Homes Finance Director Andrew Duxbury has replaced Prothero.
"As a board, we are pleased our strategic succession planning has enabled us to make a smooth transition both for the role of CEO and that of Finance Director," said Galliford Try Chair Peter Ventress.
"We take succession planning very seriously and are delighted our efforts in this area have paid off so well."
Crest Nicholson also issued a trading update at its AGM, saying its forward sales position is "encouraging", with over 50% of open market sales already secured for its current year ending October.
Crest Nicholson is set for revenue and volumes to be "similar" year-on-year, based on a total forward sales position of GBP686 million.
"As we have previously noted, the business has faced challenges with dampened customer demand in higher price point areas, amid ongoing political and macro-economic uncertainty. This is likely to continue as political uncertainty prevails," said the firm.
"Nevertheless, with employment levels at record highs, a wide range of available mortgages and a structural undersupply of new housing, we are confident in the long term future of our core housing markets."
Crest Nicholson shares were 7.1% higher in early trade Tuesday at 378.20 pence each, while Galliford Try was 2.0% lower at 672.00p.
Related Shares:
Crest NicholsonGalliford Try