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Fri April 19 2019

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Galliford Try chief leaves for Crest Nicholson

26 Mar Galliford Try chief executive Peter Truscott has handed in his notice to move to house-builder Crest Nicholson.

Peter Truscott is leaving Galliford Try for Crest Nicholson
Peter Truscott is leaving Galliford Try for Crest Nicholson

Graham Prothero has been named Galliford Try’s new chief executive with immediate effect.

Peter Truscott is expected to join Crest Nicholson in September 2019 after his contract with Galliford Try expires. He replaces Patrick Bergin, who has been persuaded to step down after just a year in the job.

Until Peter Truscott arrives, Chris Tinker, currently chairman of major projects and strategic partnerships and a board director, will become interim chief executive.

Graham Prothero joined Galliford Try as group finance director in 2013. He was previously finance director at Development Securities and a partner at Ernst & Young.

Peter Truscott joined Galliford Try in 2015 from Taylor Wimpey, in succession to Greg Fitzgerald, who is now the boss of Bovis Homes.

Crest Nicholson chairman Stephen Stone said: "We are delighted to welcome Peter to Crest Nicholson. We announced last year that we were shifting strategy from growth to cash generation with a strong emphasis on partnerships and other joint ventures, to de-risk the portfolio while delivering more homes. Peter is highly experienced at delivering a broad range of housing needs to customers working with local authorities, housing associations as well as private homebuyers. This, together with his operational and public company experience, will bring strong additional expertise to our team.”

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He added: “We are extremely grateful to Patrick Bergin for his dedication, time and commitment to Crest Nicholson over the last 13 years both as group finance director and latterly as chief operating officer and group chief executive and wish him well for the future."

Taking over from Graham Prothero as Galliford Try’s group finance director is Andrew Duxbury, who joined in 2012 as group financial controller. Since then, he has held a number of operational finance roles, including finance director of Linden Homes, the house-building business of Galliford Try. Before Galliford Try, he was with PwC.

Graham Prothero said: “I am tremendously proud and honoured to have been given the chance to lead our great business, and I thank the board for giving me this opportunity. The outlook for Galliford Try is exciting as we continue our strategy towards 2021 and I am looking forward to working with Andrew, the other executive directors and the board, and continuing to make good progress across all three of our businesses.”

Galliford Try chairman Peter Ventress said: “As a board, we are pleased that our strategic succession planning has enabled us to make a smooth transition both for the role of CEO and that of finance director. We take succession planning very seriously and are delighted that our efforts in this area have paid off so well.”

With annual revenue of £2.8bn, Galliford Try is bigger than Crest Nicholson, which turned over £1.1bn last year.

At Crest Nicholson Peter Truscott will have a starting salary of £650,000 a year , plus a pension contribution of 10% of salary and a bonus opportunity of 125% as well as share options. His basic salary at Galliford Try last year was £530,000 and total package was close to £1.5m.

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