Clare to step down as chief executive after nine years leading the housebuilder
Barratt has announced that its finance director David Thomas (pictured) will take over as the housebuilder鈥檚 chief executive from this July.
The firm said current chief executive Mark Clare will make way for Thomas to focus on 鈥渉is non-executive career鈥�, but that he will remain with Barratt until October 鈥渢o ensure an orderly handover鈥�.
Barratt said in a statement to investors that it had appointed Thomas after 鈥渃onducting a thorough review, supported by external advisers who carried out a benchmarking exercise against the requirements of the role.鈥�
Thomas joined Barratt in 2009 and almost immediately orchestrated a rights issue that raised 拢720m, allowing the firm to 鈥渂oost its land investment at the right time,鈥� the firm said.
Prior to joining Barratt Thomas was finance director and deputy chief executive of The Game Group, and previously finance director at Millennium and Copthorne Hotels.
Over nine successful years as chief executive Mark Clare almost doubled the value of Barratt as measured by market capitalisation, from 拢2.7bn to around 拢5.1bn as of this week.
Barratt said the recruitment of a replacement finance director was underway.
Thomas said: 鈥淚 am delighted to be stepping up to chief executive and look forward to continuing to work with [鈥 our industry leading management team. In the last few years we have been able to deliver considerable improvements in shareholder returns and we have a clear strategy in place to continue our progress.鈥�
Clare said: 鈥淎fter nine years leading the Group, now is the right time to hand over the reins. I am immensely proud of what the Barratt team has achieved, particularly the commercial transformation of the company and its reputation for quality, service and design.鈥�
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