Bellway PLC Retirement of Chief Executive and Board Changes

 
TIDMBWY 
 
BELLWAY p.l.c. (the 'Company') 
 
                Retirement of Chief Executive and Board changes 
 
Bellway p.l.c. announces that Ted Ayres, Chief Executive, who has been on leave 
of absence since August 2017 due to ill health is leaving the Board on 31st 
July 2018.  The Board and management team continue to wish Ted a full recovery 
and a healthy retirement and would like to thank him for the valuable 
contribution he has made to Bellway over his 16 years with the Company and 
during his 5 years as Chief Executive when he led the successful delivery of 
the Group's growth strategy. 
 
The Board is pleased to announce that Jason Honeyman is to be appointed as 
Chief Executive from 1st August 2018.  Jason has been an employee of Bellway 
since 2005 having been Managing Director of our largest and most successful 
Division at Thames Gateway before being promoted to Southern Regional Chairman 
in December 2011 and then joining the Board as Chief Operating Officer on 1st 
September 2017. The Board is extremely pleased to have such a strong successor 
in place in Jason who, since his appointment as Chief Operating Officer, has 
worked closely with the Executive Chairman, and are confident that his wealth 
of experience in the housebuilding sector will contribute greatly to the future 
of the Group. Jason will Chair the Board Committee on Non-Executive Directors' 
Remuneration. 
 
John Watson, who has been acting as Executive Chairman during Ted's leave of 
absence, will resume his role as non-executive Chairman on 1st August 2018, 
following the appointment of Jason Honeyman as Chief Executive. 
 
In addition, the Company wishes to take this opportunity to announce the 
following future Board changes which are part of the Board's ongoing succession 
plan.  These changes will take effect from the conclusion of the Company's AGM 
on 12th December 2018 (the 'AGM'). 
 
John Watson, having served on the Board since 1995 as an executive director, 
and since 2013 as Chairman, will retire from the Board at the AGM. 
 
John Watson will be succeeded as non-executive Chairman by Paul Hampden Smith. 
Paul has been a non-executive director since 2013, and Chairman of the Audit 
Committee since 2014.  Paul is also the senior independent non-executive 
director, Chairman of the Audit & Risk Committee and a member of the Nomination 
and Remuneration Committees of Grafton Group plc and was the Group Finance 
Director of Travis Perkins plc from 1996 until his retirement in February 2013 
 
Ian McHoul will replace Paul Hampden Smith as Chairman of the Audit Committee. 
Ian was Chief Financial Officer of Amec Foster Wheeler plc from 2008 until 2017 
and is senior independent non-executive director and Chairman of the Audit 
Committee at Britvic plc and a non-executive director at Young & Co's Brewery, 
P.L.C.. 
 
The Board wishes to place on record its gratitude to John Watson for his 
dedication and service to Bellway over the last 40 years, 23 of which have been 
spent on the Board.  We wish him a very long, happy and healthy retirement. 
 
Name of contact and telephone number for queries: 
 
Simon Scougall 
 
Group General Counsel and Company Secretary 
 
Bellway p.l.c. 
 
Tel: [phone] 
 
 
 
END 
 

(END) Dow Jones Newswires

July 27, 2018 10:00 ET (14:00 GMT)