Wates chief executive David Allen exits

His departure was announced to personnel this early morning.

Philip Wainwright, chief economic officer, will become interim CEO pending the appointment of a long-lasting successor.

Allen joined the Wates Team in January 2016 and has been CEO of the £1.2bn turnover small business considering that April 2018.

Just a couple of months ago Allen discovered that Wates, now in its 125th yr, experienced realized its optimum-ever operating income of £40m soon after a bumper 12 months of orders.

Chairman Sir James Wates mentioned: “During his time as our CEO, David’s intelligence, commitment, and compassion has stood the organisation in good stead and in particular ensured that the Wates Group effectively responded to the issues of the pandemic.

“The board many thanks David for his contributions and needs him the really most effective for the upcoming.”

He included: “We have an superb administration workforce in area, and we have the appropriate prolonged-term technique – both to acquire gain of market place prospects as effectively as to meet up with our objective of handing more than to the following generation of family ownership a more robust, more sustainable organization.”

“The board of the Wates Group has initiated the method to discover a new CEO, and even more facts will be introduced in owing class.”