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Bovis chief executive steps down
The chief executive of house builder Bovis has stepped down following a profit warning before Christmas.
David Ritchie’s departure from the southern house builder was announced yesterday.
Earl Sibley, the group’s finance director, takes over as interim chief executive while the builder seeks a permanent successor.
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It comes weeks after Bovis issued a warning to the stock exchange saying it expects pre-tax profits to range between £160m and £170m, below previous City forecasts of £183m.
Mr Ritchie said: “I believe now is the right time for someone new to lead the group into its next phase of development. I have spent over 18 years working for this great company and I wish Bovis Homes every success in the future.”
Ian Tyler, chair of Bovis, added: “David was instrumental in preparing the group for growth and then implementing the new strategy. We wish David the very best for the future and every success in his next venture.”
Bovis is routinely among the 10 largest house builders in the UK.
