Watkin Jones CEO to step down

AIM-listed Watkin Jones said on Monday that chief executive officer Mark Watkin Jones plans to step down from the role once a suitable successor has been appointed and following an orderly handover.

The company said it was in the group's best interests to recruit a successor as Watkin Jones is not able to undertake a full time executive role over the longer term for personal reasons.

The board will launch a formal search process to identify a new CEO and a succession timetable will be announced once this process has been concluded. The company said it’s keen to retain the benefit of Jones' valuable knowledge and experience and look at how this might be achieved, including the option of him becoming a non-executive director.

"Under Mark's leadership, Watkin Jones has gone through a transformational period, a key part of which has been the establishment and development of a strong senior management team capable of supporting the group's long-term growth aspirations. The board will be seeking a successor to Mark who can build on this platform and maintain the group's track record of profitable, cash generative growth."

Mark Watkin Jones said: "After careful consideration I have decided that it is necessary for me to step back from my position as chief executive officer. The group has reported record results today and with excellent earnings visibility, Watkin Jones is in a strong position to achieve continued success in both student accommodation and build to rent. Solid foundations are in place for my successor to work with, including an excellent management team that has supported me over the years in successfully growing the business and who will continue to drive Watkin Jones forward for the long-term benefit of our shareholders."

At 1230 GMT, the shares were down 5.5% to 213.50p.