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Mark Davies, chief executive of Connaught has announced he will leave the company at the end of August to 鈥渟eek new challenges elsewhere鈥�.

He will be replaced by Mark Tincknell, who will step down from his post of executive chair on 1 February.

Senior independent director, Tim Ross, will act as non-executive chair on an interim basis until a new permanent non-executive chair is appointed.

Davies said: 鈥淐onnaught is a great company. I have been privileged to be its chief executive for five years and I am proud of all that we have achieved in that time. I have recently completed the restructuring of the senior management team including the appointment of three experienced chief executives responsible for the day-to-day running and development of our operating divisions. I therefore believe the changes announced today represent the most appropriate management structure for the business going forward."

Tincknell said: 鈥淢ark Davies has made an invaluable contribution to the growth and development of Connaught during his time with the company. I am pleased that he will remain employed in an advisory capacity until a smooth transition has taken place."