For personal reasons, Mark is not able to undertake a full time executive role over the longer term and he and the Board believe that it is in the Group's best interests to recruit a successor.
The Board will initiate a formal search process to identify a new Chief Executive Officer and a succession timetable will be announced once this process has been concluded. The Board is keen to retain the benefit of Mark's valuable knowledge and experience and the intention is that, following the transition, the Board will look at how this might be achieved, including the option of him becoming a Non-Executive Director of Watkin Jones.
Under Mark's leadership, Watkin Jones has gone through a transformational period, a key part of which has been the establishment and development of a strong senior management team capable of supporting the Group's long-term growth aspirations. The Board will be seeking a successor to Mark who can build on this platform and maintain the Group's track record of profitable, cash generative growth.
Mark Watkin Jones, Chief Executive Officer of Watkin Jones plc, said: “After careful consideration I have decided that it is necessary for me to step back from my position as Chief Executive Officer. The Group has reported record results today and with excellent earnings visibility, Watkin Jones is in a strong position to achieve continued success in both student accommodation and build to rent. Solid foundations are in place for my successor to work with, including an excellent management team that has supported me over the years in successfully growing the business and who will continue to drive Watkin Jones forward for the long-term benefit of our shareholders.”
Grenville Turner, Non-Executive Chairman of Watkin Jones plc, said: “After 15 successful years at the helm, the Board understands Mark's desire to relinquish the CEO position and the associated demands of this role. Mark has played a pivotal part in shaping the Watkin Jones strategy and success and has built an experienced and stable leadership team who have increasingly taken on the day-to-day responsibility for the running of the business. The Board would like to thank Mark for his enormous contribution and is also delighted that he has indicated his willingness to continue to support his successor and the business going forward. The search for a successor will commence immediately and we will make a further announcement upon completion of the formal search process.”