Tom Nicholson agrees to depart Crest Nicholson

27th May 2022 10:24

(Sharecast News) - Crest Nicholson announced a restructure of its executive leadership team on Friday, with chief operating officer Tom Nicholson to depart the company and the position to be left vacant.

The FTSE 250 company renewed its strategy in January 2020, to improve its financial performance and restore it as "one of the UK's leading" housebuilders.

"This plan was conceived on delivering a reset in operational efficiency and standards, a significantly strengthened balance sheet and assembling an experienced, diverse leadership team to implement this change in direction," the board said in its statement.

"All these objectives have been met, ensuring that the first part of the group's turnaround has been successfully delivered."

Crest Nicholson said that, In recognising the progress achieved in transforming its operations and the acquisition of a skilled management team to deliver the next phase of its strategy, the board and Tom Nicholson had agreed that now was "the right time" for Nicholson to leave the organisation.

"The group thanks Tom for his hard work and dedication in helping develop and oversee the changes that now position Crest Nicholson strongly to deliver its future growth ambitions."

Crest Nicholson said it did not intend to replace the role of chief operating officer in the short term, adding that it would provide a further update on progress against its strategy at the half-year results on 14 June.

At 1010 BST, shares in Crest Nicholson Holdings were up 1.91% at 255.8p.

Reporting by Josh White at Sharecast.com.