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L&Q chief executive David Montague to step down
David Montague, chief executive of L&Q, will step down from his role by the end of the current financial year.
The 110,000-home landlord announced this morning that Mr Montague would be leaving the association after more than a decade at its head. L&Q will begin the search for his successor “immediately” and aim for a smooth handover before Mr Montague leaves.
The outgoing boss said his remaining time at the association will be spent working with the group’s management to develop a five-year strategy.
Mr Montague began his career at L&Q in 1988 as part of its finance team, before becoming group director of finance in 2003. In February 2008, he was appointed chief executive, a role he has held for 12 years.
During this time leading the organisation, Mr Montague oversaw the mega merger between L&Q and East Thames Housing, which resulted in the creation of a new 90,000-home association. The merger also saw a £2.6bn refinancing deal with several banks.
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In 2017, L&Q acquired the strategic land business Gallagher Estates for £505m in 2017 to aid its development ambitions.
In October last year, the association began its expansion into the North West with the acquisition of the Trafford Housing Trust.
L&Q is now one of the country’s biggest developing housing associations and has an ambition of delivering 100,000 homes over the next decade.
However, last year the organisation put a pause on new development projects, as well as introducing a recruitment freeze, as it battled to deal with a “serious downturn” in the market and soaring investment costs.
This came after its 2018/19 accounts saw it hit by a 42% drop in surplus for 2018/19 to £202m, down from £350m, as turnover fell and costs rose.
Commenting on his departure, Mr Montague said: “It has been a pleasure leading L&Q in such extraordinary times and working with talented, dedicated and values driven people for the past three decades to deliver our social mission.
“At L&Q, our story began in 1963 with a handful of entrepreneurs, £64 and a dream to house the people who had been forgotten by others – that dream has never waned.
“Our mission is that everyone should have a quality home they can afford; everything we do is about providing essential homes and services for the people that need them most. I couldn’t be more proud of what we have achieved in my time as chief executive, but I have decided that it is the right time for a new challenge.
“I will continue to lead L&Q as chief executive until my successor is found. My remaining time will be spent working with the team to develop a new five-year strategy that will help us deliver the best we possibly can for our residents and communities.”
Aubrey Adams, chair at L&Q, said: “David has been a leading light not just for L&Q but for the housing sector in general. His commitment to our residents, homes and communities has enabled L&Q to face some of the toughest economic and structural challenges in the company’s history, and he has always done it with our social purpose firmly and passionately at his heart.
“We are thankful for everything he has championed.
“Our search for David’s successor will begin immediately and will be squarely focused on enabling us to secure the skills and diversity needed to continue our focus on safety, quality and customers and steer L&Q through our next chapter.
“We will be working towards a smooth handover and transition by the start of the new financial year.”
