Shares in Connaught were showing no sign of recovery early this week after last Friday鈥檚 shock announcement that chief executive Mark Davies would part ways with the social housing specialist in August

They fell 9% to 327p at the news, which was delivered in a 256-word statement to the City that brought an abrupt end to Davies鈥� five-year tenure as chief executive. Chair Mark Tincknell praised Davies鈥� 鈥渋nvaluable contribution to the growth and development鈥� of the company.

If it was so invaluable, why did he leave? No credible reason was given but one thing is certain: Tincknell will get his hands back on the levers at a company that is still very much his baby.

Those that know the pair say they are chalk and cheese. One insider said: 鈥淭incknell is the restless visionary while Davies was the solid rock that he needed by his side. Tincknell falls in and out of love while Davies is the dependable automaton that the City admires.鈥�

So, are they still friends? That depends on who you ask. While some say the relationship has been strained for a while, others insist they are still close, pointing to the million-plus shares Davies still has in Connaught.

鈥淎ll that happened,鈥� said one source, 鈥渋s that Mark Davies鈥� time at the company came to its natural end. He was brought in to tidy things up and put some infrastructure in place and that is now done.鈥�

And is Mark Tincknell now permanent as chief executive? 鈥淥h, absolutely,鈥� the source added.

Either way, Davies will stick around for another six months. Presuming he doesn鈥檛 do a huge amount on a day-to-day basis, you could count that as a pay-off of sorts.

Tincknell and Stephen Hill, finance director, both bought shares on Friday, bagging 100,000 and 5,000 respectively. It was a show of confidence, but the next six months will demonstrate how well Tincknell can run the ship that was steadied by Davies.

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