ºÃÉ«ÏÈÉúTV

Sir James Wates has formally been replaced as chair of Wates after 40 years with the business.

Tim Wates joined the family firm in 1993, serving as a board director from 2006 to 2008 and again since 2011. He was appointed deputy chair last October.

Hs arrival into the chair’s role, confirmed by Wates’ recent AGM, comes after the contractor appointed a new chief executive earlier this year.

Industry outsider Eoghan O’Lionaird, previously boss of listed marine services company James Fisher and Sons, was named as David Allen’s replacement in February.

Allen left last summer amid reports of a disagreement about the future direction of the firm. Allen, who was handed a £1m compensation payment as a result, is now the chief financial officer of Mace.

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In its last set of figures, Wates’ turnover was up 17% to a record £1.89bn last year but pre-tax profit fell 6% to £33.7m.

Following publication of its results last month, O’Lionaird told ºÃÉ«ÏÈÉúTV the government should be more ambitious on net zero and remove VAT on retrofit.

Sir James is still a director will remain an active member of the Wates group board.