NG Bailey chief executive Mark Andrews left at the end of a pre-planned six year term, the company said today as it also revealed it was going through a restructuring process to deal with the recession.
There was speculation today that Mr Andrews, who will leave at the end of the month, had been a victim of cost-cutting at the group.
The company released two statements this morning from acting CEO Chris Newton and from Mr Andrews.
Mr Newton said: “Mark worked for NG Bailey for nearly six years, a term envisaged at the start of his tenure. During that time Mark grew the business from a circa £400m turnover company to one that last year saw sales rise to just over the £600m mark. He was instrumental in creating and implementing our ‘For Life in Buildings’ strategy, which will continue to drive our business forward.
“Over the last year, Mark has led a right-sizing programme, helping us to reposition the business in line with the market recession we are all facing. With this programme in place it therefore seemed like an appropriate juncture for Mark to pass on the overall leadership of the company. “
Mr Newton said the company’s recent results, in which it revealed a £10.8m loss, had been “disappointing”.
I would like to add that the company, although having reported disappointing results earlier this year, is in an ideal place to weather the current economic storm - with a balance sheet of which many would be envious.
Departing CEO Mr Andrews said: “I will be leaving NG Bailey at the end of the month. Following the implementation of a right-sizing programme, to bring the business in line with what the market is demanding, the decision to hand over the reins at this juncture was mutually agreed.
“I will be working with Chris Newton over the next couple of weeks to ensure a smooth transition for him in his new role as acting CEO. I am currently considering a number of options in terms of my next role, which I will provide an update on in due course.
“I wish Chris every success as acting CEO and to NG Bailey for its continued leading position in the industry.”