Wilson Bowden has made the chairman of its housing division redundant as part of an attempt to simplify the management structure.
Michael Stansfield, chairman of David Wilson Homes, was asked to leave the company on Friday. He was thought to be negotiating a redundancy package. The shake-up comes after Wilson Bowden warned in June, and then again last month, that there was “a slight cooling in the market”, raising uncertainties in the City about the prospects for this year.
Stansfield’s departure cuts out a layer of middle management. Gary Crisp and Greg Locke, chief executives of the northern and southern homes division respectively, will now report directly to group chief executive Ian Robertson.
Stansfield this week declined to comment on his departure, and said that it was too early to comment on what the future might hold.
Group chairman David Wilson thanked him for his contribution to the business.
As part of the restructuring, Richard Brooke, finance director of the homes arm, has been promoted to be deputy group finance director. Adrian Silber, finance director of Wilson Bowden Developments (WBD) has also been promoted to be deputy managing director of WBD.
Robertson said the changes were intended to “improve accountability, simplify the management structure and reduce costs.
“The changes we are making to the finance functions are part of our strategy of flattening management structures and bringing head office and operating businesses closer together.”
Following the announcement shares rose just less than 1%, or 8.5p, to 1104.5p.