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Paul Sheffield is stepping down as managing director at Laing O鈥橰ourke just two years and four months after joining the contractor.

In a statement, Laing O鈥橰ourke founder Ray O鈥橰ourke said it was the right time for Sheffield (pictured) to 鈥渕ake way for others currently in the business with longer horizons鈥�.

The firm said that Sheffield - who joined after a stint as chief executive of rival contracting giant Kier - had indicated when he joined Laing O鈥橰ourke in October 2015 that this was 鈥渂ased on a relatively short horizon鈥�.

Laing O鈥橰ourke - which is looked to rebound after posting a 拢246m pre-tax loss for the financial year to March 2016 - said its business plans to 2020 were now complete and its 鈥渧ision to 2025鈥� would be signed off by May this year.

Ray O鈥橰ourke said: 鈥淧aul and I feel that now is an appropriate time for him to step off and make way for others currently in the business with longer horizons.

鈥淚 would like to personally thank Paul for his tireless efforts and dedication over the past three years. His leadership has been instrumental in ensuring the business is now on track to grow safely and profitably in the coming years.鈥�

Paul Sheffield said: 鈥淟aing O鈥橰ourke鈥檚 client base, technical capability and opportunity to excel across a broad range of major projects, puts the business in a lead position within our industry. Delivering for clients is at the core of the Laing O鈥橰ourke business ethos. I know the leadership teams in place across the business will continue to ensure that clients鈥� commitments are delivered with certainty.鈥�