Crest Nicholson (LON:CRST) announced the appointment of Peter Truscott as its new chief executive, sending its share price soaring on Tuesday.
The FTSE 250 housebuilder announced that Mr Truscott will take up the role after his current contract with Galliford Try ends at the end of September this year.
Mr Truscott will replace Crest Nicholson’s Patrick Bergin, who has agreed to step down.
The company announced that Chris Tinker, currently chairman and director of major projects and strategic partnerships, will serve as interim CEO.
In the meantime, he will also receive support from chairman Stephen Stone.
Chairman Stephen Stone commented on the announcement as follows:
“We are delighted to welcome Peter to Crest Nicholson. Over the last year, we have shifted our focus from our growth strategy to cash flow, focusing on partnerships and other joint ventures to de-risk our portfolio while delivering more homes. announced that it would shift to a creation strategy.
Peter has extensive experience in working with local authorities, housing associations and private homebuyers to provide customers with a wide range of housing needs. This, together with his operational and public company experience, will bring even stronger expertise to our team. ”
He also thanked outgoing Chief Executive Officer Patrick Bergin for his many years of service to the company. He added:
“We would like to thank Patrick Bergin for his dedication, time and dedication to Crest Nicholson over the past 13 years, both as Group Finance Director and subsequently as Chief Operating Officer and Group Chief Executive Officer. We are very grateful to him and wish him all the best in his future endeavors.”
The company released its final results for the year in January, reporting a 15% drop in profits, weighed down by Brexit uncertainty.
Crest Nicholson is listed on the London Stock Exchange. It was founded in 1963 and is headquartered in Surrey, UK.
The company’s shares were trading +6.22% as of 13:20 pm GMT.
