Fitzgerald to complete Galliford Try exit in November
Greg Fitzgerald will finally leave the board of Galliford Try at the company’s annual general meeting on 11th November 2016.
His departure marks the culmination of an orderly handover process that has been 18 months in the making.
Greg Fitzgerald founded Midas Homes in 1992 and sold it to Galliford Try in 1997. He was appointed to the board of Galliford Try in 2003 as managing director of the housebuilding division, and became group chief executive in July 2005.
In October 2014 he announced his plan to retire and moved to the role of executive chairman as a first step. He became non-executive chairman on 1st January 2016, handing over day-to-day control to chief executive Peter Truscott, who had been brought in from Taylor Wimpey to be his successor.
Peter Ventress, non-executive deputy chairman, will take over as non-executive chairman on Greg Fitzgerald’s departure.
Greg Fitzgerald said: "In September 2014 I announced, after 33 years with the business, my intention to retire from the group. Since announcing my intention to retire and having overseen a number of executive and non-executive appointments, including the appointment of Peter Truscott as chief executive and Peter Ventress as deputy chairman, I believe, following an effective transition that now is the right time to step down. I leave the business in an excellent financial position with a clear growth strategy."
Separately, in a trading update, the board said that it expects to report record results for the year to 30th June 2016 when the accounts are published in September.
Chief executive Peter Truscott said: “The group has achieved another record year, with growth across all three businesses. Linden Homes has seen good average sales rates, achieving 0.68 per site per week in the second half from increased average outlets of 84, and enters the new financial year with record sales exchanged and reserved of £380m. Galliford Try Partnerships has continued to grow its mixed tenure revenues, which is key to achieving the targets we have set for the business, and we have maintained a strong contracting order book. Construction continues to enjoy an excellent order book and has grown revenues in the year, with good margins on newer work, although the overall result is still constrained by legacy contracts.”
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This article was published on 12 Jul 2016 (last updated on 13 Jul 2016).