Company chairman Robert Moyle has returned to acting as chief executive until a replacement is found.
The board issued a statement saying the group chief executive John Homer “has stepped down with immediate effect”. There was no further explanation.
Ian Elliott will assume the role of chairman while Robert Moyle is acting CEO.
John Homer joined NMCN as chief executive in June 2016, having previously been a regional managing director of Morgan Sindall Construction. He oversaw the rebranding of the company from North Midland Construction to NMCN, which the company prefers to style as nmcn.
NMCN was Robert Moyle’s family business until its stock market flotation in 1982. His father Major Terence Moyle was one of the two founding partners in 1946. Robert Moyle joined the business in the early 1970s and the board in 1984. He was chief executive from 1990 until 2016 when he moved across to be chairman and brought in John Homer as his successor.
Acting chairman Ian Elliott said: “We are fortunate in having someone of Robert’s experience and knowledge of the business to step into the role with immediate effect. I am confident that our teams will support Robert during this period of transition.”
There was no comment about John Homer’s contribution over the past four-plus years.
The company’s share price fell 40% on the news, gaining a little ground to end up 20% down 24 hours later.