Latest news:Bovis CEO David Ritchie has apparently paid the price for the shock recent profit warning today after he was ousted by the Bovis board.
Doubts over Ritchie’s position are understood to have come to a head in recent days culminating in a board meeting at which he offered his resignation to chairman Ian Tyler, who accepted.
Ritchie, who was paid £1.54 million in 2015 including his £550,000 salary, is understood to have received a payoff and has no other job to go to.
Shares in the house builder rose 2% - up 15p to 831p on the news!
Ritchie said in a statement that it was his choice to leave the company:
"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."
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David Ritchie resigns - But what did he achieve in his 8 years as CEO of Bovis Group?