Bovis chief executive David Ritchie has stepped down from his post with immediate effect. He will remain with the group until 28 February to assist with the process of transition.
Last month, Bovis Homes told investors a slowdown in sales and completions in December would result in lower-than-expected profit for 2016, surprising analysts.
The board has appointed Earl Sibley, the group’s finance director, as interim chief executive and will immediately start the process to appoint a permanent successor which is expected to take several months.
Commenting on his decision to leave, Ritchie, who has been at the house builder for 18 years, 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.”
Ian Tyler, chairman, commented: “On behalf of the company, I would like to thank David for his major contribution to Bovis Homes over his 14 years on the board initially as group finance director, then group managing director and as chief executive since 2008.
“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.”
Meanwhile, top 15 UK house builder Hill has appointed a new regional director to spearhead its southern expansion programme. Damian O’Hara will develop nine new sites in 2017 delivering in excess of 600 new homes.
O’Hara brings 30 years of experience to Hill, having worked at director level for St James, Cala and Crest Nicholson.
Andy Hill, CEO at Hill, commented: “We have set ambitious targets to build 2,500 new homes each year by 2020 and it is our dynamic and talented staff who will deliver these results.”