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Galliford Try boss leaves to head up Crest Nicholson

News26.03.1910.20 AM by Rhiannon Curry

The chief executive of Galliford Try has stepped down to become the new boss of rival house builder Crest Nicholson.

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Peter Truscott leaves Galliford Try to join Crest Nicholson
Peter Truscott leaves Galliford Try to join Crest Nicholson
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LinkedIn IHGalliford Try boss leaves to head up Crest Nicholson #ukhousing

Peter Truscott has resigned from his post at Galliford Try with immediate effect, and will succeed Patrick Bergin at Crest Nicholson in September. Mr Bergin will announce his resignation at the company’s annual general meeting today, and Chris Tinker, who is currently chair of major projects and strategic partnerships at Crest Nicholson, will be at the helm until Mr Truscott’s arrival.

Investors will be hoping that Mr Truscott can revive Crest Nicholson’s fortunes – last year the company’s profits fell 15% as Brexit uncertainty hit its core sales market.

In recent months it has begun to move away from a focus on building high-end homes in the South East to engage in more partnerships with the public sector.

Shares in the company jumped more than 6% in early trading after its new boss was announced.

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Mr Truscott has been chief executive at Galliford Try since October 2015, and had previously worked at Taylor Wimpey. In both roles he became known for navigating difficult markets while holding on to profits.

In his new role, he will command a salary of £650,000, a pension contribution of 10% of his salary and a bonus opportunity of 125% when he joins Crest Nicholson.

Stephen Stone, executive chair at Crest Nicholson, said: “Peter is highly experienced at delivering a broad range of housing needs to customers working with local authorities, housing associations as well as private homebuyers.”

Mr Truscott’s departure has triggered a board reshuffle at Galliford Try. Current finance director Graham Prothero will succeed him as chief executive, while Andrew Duxbury, currently the finance director of the Linden Homes division, is to become group finance director.

Mr Truscott said he had enjoyed his time working at Galliford Try and said: “The company has a strong management team and a clear growth strategy against which it is making good progress. “The decision to leave is a personal one and has been made so that I may pursue other opportunities.”

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