Barratt share price: Finance chief promoted to top job

Barratt Developments Plc (LON:BDEV) has appointed David Thomas, currently Group Finance Director, as Group Chief Executive. Here are the highlights from the company statement with more to follow:

Barratt Developments PLC (“Barratt”) is pleased to announce the appointment of David Thomas, currently Group Finance Director, as Group Chief Executive effective from 1 July 2015. This follows the decision by Mark Clare to step down after nine years as Group Chief Executive to develop his non-executive career.

The Board made the appointment after conducting a thorough review, supported by external advisers who carried out a benchmarking exercise against the requirements of the role. Careful consideration was given to the leadership skills and experience necessary to ensure the continued development of the Group’s strategy and its successful execution.

The recruitment of a new Finance Director is now underway.

Mark will step down as Chief Executive on 1 July 2015 and from the Board at the end of July. He will remain with the Group until the end of October 2015 to ensure an orderly handover.

John Allan, Chairman of Barratt said: “We are very sorry to see Mark go and he will leave a tremendous legacy. He has transformed the operations of the company, led a very successful land investment strategy and realigned the business around its customers. He has also played an important role in the wider industry in terms of shaping housing policy and addressing the longer term challenges the sector faces. On behalf of the Board I would like to thank him for everything he has achieved.
As of 07:06 GMT, Friday, 27 March, Barratt Developments Plc share price is 537.00p.