Bovis Homes has appointed ex-Galliford Try boss Greg Fitzgerald as its new chief executive, at the same time as it turned down a takeover offer from the rival house builder.
Fitzgerald, who worked at Bovis' rival for more than 30 years, will take up his new role from 18 April 2017. He retired from Galliford in 2014.
While announcing the new appointment, Bovis confirmed it had rejected a takeover bid by Galliford. Previously, Bovis was urged by investor Royal London Asset Management to welcome an offer from Redrow rather than the Galliford offer. However, Redrow announced at the end of March that it was giving up its pursuit of Bovis.
"We are delighted that Greg has agreed to be our new chief executive," said Ian Tyler, non-executive chairman. "He brings a wealth of housebuilding experience and I am confident he will rapidly drive performance across the Bovis business."
Fitzgerald added: "Bovis has a great brand, excellent people and a high quality land bank. I very much look forward to working with the management team to restore Bovis' position as a leading housebuilder and deliver significantly improved returns to shareholders."
Bovis was previously reported to be in talks with Andrew Davies, boss of construction firm Wates Group, about taking on the chief executive role.
Meanwhile, the house builder said today that current sales and reservations are in line with the board's expectations and the firm is making good progress with its priorities for 2017.
Bovis' share price rose two per cent on the news of Fitzgerald's appointment.