Connaught has announced that chief executive Mark Davies is to leave the company, after five years in the job. Executive chairman and former chief executive Mark Tincknell will take over.
A statement from Connaught said Davies had advised the board of his intention to step down at the end of the current financial year “to seek new challenges elsewhere”.
However, the Connaught board decided that “in order to ensure strategic continuity and clear leadership, he will step down from the board now and Mark Tincknell will resume the role of chief executive on a permanent basis from 1 February 2010”.
Mark Tincknell said: "Mark Davies has made an invaluable contribution to the growth and development of Connaught during his time with the Company. I am pleased that he will remain employed in an advisory capacity until a smooth transition has taken place."
Mark Davies said: "Connaught is a great company. I have been privileged to be its chief executive for five years and I am proud of all that we have achieved in that time.
“I have recently completed the restructuring of the senior management team including the appointment of three experienced CEOs responsible for the day-to-day running and development of our operating divisions. I therefore believe the changes announced today represent the most appropriate management structure for the business going forward."
Mark Tincknell will now step down as executive chairman. Senior independent director Tim Ross will act as non executive chairman on an interim basis until a new permanent non executive chairman is appointed.