Barratt's CEO Mark Clare is leaving 1 July 2014 to be replaced by David Thomas current Group finance director. Yet another accountant "money man" in charge of a major house builder!
Barratt confirmed that Mark Clare will step down after nine years with Barratt to focus on his non-executive career.
The board has decided to appoint David Thomas after a review that included external advisers.
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."
In February, Barratt reported half-year results with increases in pre-tax profit climbing 74% and total completions up 12.5%. Basic earnings per share was also up 79%.
We can only hope that the new man will continue to place as high an importance on customer care as Clare has done.
Reputations can be lost and Barratt could become a "Persimmon" very quickly!
