Student housing and residential developer Watkin Jones has announced group chief executive Mark Watkin Jones is to resign from his post after a successor has been appointed.
It comes as the AIM-listed company reports its full-year results, including an 22.9% increase in net assets to £126.2m.
In a statement, Watkin Jones said: “For personal reasons, Mark is not able to undertake a full-time executive role over the longer term and he and the board believe that it is in the group’s best interests to recruit a successor.”
A succession timetable will be announced after his replacement has been appointed.
The board will consider appointing Watkin Jones a non-executive director in order to retain his knowledge and experience. He has been at the firm for 15 years.
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.
“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.”
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