27th Jun 2006 07:01
Barratt Developments PLC27 June 2006 27 June 2006 Barratt Developments PLC CEO Succession at Barratt Barratt Developments PLC, the UK's leading national housebuilder, announces thatGroup Chief Executive David Pretty is to retire at the end of this year. DavidPretty, aged 61, has been a main board director at Barratt for sixteen years andwas appointed the Group's Chief Executive in October, 2002. Following a national recruitment exercise Barratt has appointed Mark Clare,currently Managing Director of Centrica's British Gas Residential Energyoperation, to replace David Pretty on his retirement. Mark Clare, 48, joinedBritish Gas in 1994, becoming Centrica's Finance Director in 1997 and ManagingDirector of British Gas Residential Energy in 2002. Mark Clare was aNon-Executive Director of BAA Plc until its recent acquisition. Mark Clare willbe joining the Barratt Group at the beginning of October to ensure an orderlyhandover. Barratt Developments PLC confirms that there is no other information to bedisclosed pursuant to the Listing Rules in relation to the appointment of MarkClare. Barratt Chairman Charles Toner said: "David was planning to retire around his 62nd birthday so we have had time toplan the succession and conduct an extensive recruitment exercise. David Pretty has given outstanding service to this Company - 27 years in total,16 years as a Main Board Director and 4 years as Group Chief Executive, 2 yearslonger than he agreed on appointment. Under David's leadership the Group has announced successive years of recordgrowth in volumes and pre-tax profit. He will leave the business well placed tocontinue its success into the future and we wish David and his family a long,happy and well deserved retirement. The Board is delighted to have secured someone of the calibre of Mark Clare asits Group Chief Executive. His outstanding track record and experience as a FTSE100 Managing Director, combined with the very strong Barratt management team heinherits, gives us an exceptional blend of skills inside the Board. On 24th July we will be issuing our normal trading update when we expect toconfirm to the market that we are on track to meet market expectations anddeliver our 14th consecutive year of growth. With healthy forward sales and astrong land bank we remain well placed for the future." - ends - For further information please contact: Barratt Developments PLC 020 7067 0700David Pretty, Group Chief ExecutiveMark Pain, Group Finance Director Weber Shandwick Square Mile 020 7067 0700Terry Garrett / Chris Lynch / Nick Dibden This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Barratt Developments