Housebuilder Bovis Homes said today that its chief executive, David Ritchie, will step down with immediate effect.
Shares rose 1.3 per cent as the market opened, to 821.5p. Ritchie joined the company 18 years ago, and has been chief executive for eight years.
At the end of last month shares in the company fell as it admitted profits for 2016 were likely to be flat.
In a trading update between Christmas and the new year, the company said it expected volume delivery for 2016 to be lower than previously forecast, with 180 completions deferred into early 2017.
That was likely to put profits before tax in a range of £160m to £170m, from £160.1m in 2015.
The warning came just over a month after the housebuilder had said it was on track to deliver record revenues, despite uncertainty following the EU referendum.
"It has been a privilege to serve Bovis Homes as its chief executive over the last eight years as the group has doubled in size and delivered record profits," said Ritchie this morning.
"I believe now is the right time for someone new to lead the group into its next phase of development. I have spent over 18 years working for this great company and I wish Bovis Homes every success in the future."