Bellway
p.l.c.
Board
Changes
Group Finance Director
Succession and Appointment of Executive Director
Bellway p.l.c. ("Bellway" or the "Company"), one of the UK's leading
housebuilders, today announces that Keith Adey, Group Finance
Director, has advised the Board that, following a successful career
that has spanned over 15 years with Bellway including over 12 years
as Group Finance Director, and after much careful consideration,
the time is right to step down from his role and from the Board.
Keith intends to retire from full-time executive work once a
successor has been appointed. A thorough recruitment process,
led by the Nomination Committee with the support of external
consultants, will now be undertaken. Throughout this process Keith
will remain committed as Group Finance Director until an
appropriate candidate has been appointed and a suitable handover
has taken place which the Board expects to be early in
2025.
The Company also announces that
Simon Scougall will be appointed to join the Board in the newly
created executive role of Chief Commercial Officer on
1st August 2024. Simon has held a number of senior
positions within Bellway for over 13 years and is currently the
Group General Counsel and Company Secretary and a member of the
Group Executive Committee.
Keith Adey, Group Finance Director,
commented:
"It has been an honour and a
privilege to serve as Group Finance Director for Bellway, a
tremendous company with great prospects, for over 12 years. I
am extremely proud of, and grateful to, my colleagues for
everything we have achieved together. While the process to
appoint my successor is ongoing, it will be very much business as
usual at Bellway. I remain fully committed to executing our
strategy as set out in our most recent Interim announcement on
26th March 2024 and look forward to updating the market
at our forthcoming trading update."
John Tutte, Chair of Bellway,
commented:
"On behalf of the Board and everyone
at Bellway, I want to place on record our sincere gratitude for
Keith's significant and highly valued contribution to Bellway's
growth and sustainability strategy, and for his dedicated service
over the years. The Board looks forward to continuing working
with him while we undertake a thorough process to identify his
successor.
"We have built an exceptional
management team at Bellway led by Jason Honeyman, our CEO, with
strong succession plans in place across all our key disciplines.
Simon Scougall, who has progressed through the ranks over the past
13 years, is an excellent appointment in the executive role of
Chief Commercial Officer and we look forward to him joining the
Board and supporting Jason in the delivery of our
strategy."
The Company will provide the usual
summer trading update to the market on Friday 7th June
2024.
Notes:
1. There is no further information
in respect of Simon Scougall which would require disclosure under
Listing Rule 9.6.13.
2. Simon Scougall's
remuneration arrangements have been set in accordance with the
Directors' Remuneration Policy approved by shareholders at
the 2021 AGM ('Remuneration Policy'). Simon's remuneration
package will comprise a salary of
£444,000, a
pension in line with the rate applying to the majority of the
workforce, of 10% of salary, an annual bonus opportunity
and a Performance
Share Plan award for 2024, and other benefits, in line with the
Remuneration Policy.
For further information please
contact:
Bellway p.l.c.
Gavin Jago, Group Investor
Relations Director +44 (0) 191 217 0717
Powerscourt (Financial PR)
Justin Griffiths
Nick Dibden
Victoria Heslop
bellway@powerscourt-group.com
+44 (0) 20 7250 1446