Barratt Developments CEO steps down, to be replaced by CFO

LONDON (ShareCast) - Barratt Developments (LSE: BDEV.L - news) chief executive Mark Clare has stepped down after nine years in the role, to be replaced by finance director David Thomas, who has been with the company for six years. Clare will leave the housebuilder on 1 July, leaving the group in a strong position, with recent interim profits up by over 70% and well ahead of expectations.

The company, which has already begun the process of recruiting a new finance director, said Clare will remain on the board until October to ensure an orderly handover.

Chairman John Allan said Clare will leave a "tremendous legacy", having played an important role in the wider industry in terms of shaping housing policy and addressing the longer term challenges the sector faces.

"He has transformed the operations of the company, led a very successful land investment strategy and realigned the business around its customers." "In David Thomas, the board is extremely pleased to have such a strong successor in place. David has played a key role in developing the Group's strategy, driving performance and embedding the disciplined approach that has served us so well." Thomas pointed to the strong improvements in shareholder returns in recent years and said the compayn had a clear strategy in place to continue this progress.

Clare said he was stepping down to focus on his non-executive portfolio.