Housebuilder Countryside Properties revealed on Thursday that chief executive officer Iain McPherson will relinquish the role after its trading performance in the first quarter of the new financial year was below expectations.
Countryside Properties said first-quarter completions came to 809, down from 1,280 during the same period in 2020, while adjusted revenues and operating profits slumped from £363.8m to £249.8m and £36.6m to £16.5m, respectively.
The FTSE 250-listed firm stated that McPherson will step down from the CEO spot, with immediate effect, and that the group’s board will now conduct a thorough process in the search for a new CEO. While the search is underway, chairman John Martin will stand in as interim CEO and conduct a review of each of the company’s developments across every region.
Martin said: “Iain McPherson has led Countryside through a challenging period, including the Covid pandemic and has clarified the group’s strategy, which is to focus all of our resources on our market-leading partnerships business.
“I would like to thank Iain for his unwavering commitment and dedication to Countryside as leader of our business in the South and subsequently as group CEO and to wish him every success in the future.”
As of 0905 GMT, Countryside shares had slumped 17.29% to 340.60p.
