Bovis CEO David Ritchie "Resigns"

[New Home Expert]

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."

More here David Ritchie resigns - But what did he achieve in his 8 years as CEO of Bovis Group?

[New Home Expert]

After more stories in most of the National Press on Wednesday, including the Daily Mail, The Guardian, The Times and The Sun's headline "Bovis and Butthead" regarding Bovis Homes "bribing" buyers with cash "incentive" payments of up to £3,000 to move into unfinished homes by 23rd December 2016, just days before they issued a profit warning, now we know the reason why David Ritchie had to go.

The other large house builders have distanced themselves from Bovis saying "this is not common industry practice"

For more in-depth details on this scandal the article Bovis "bribe" buyers to move inot unfinished new homes.