Connaught chief Mark Tincknell has stepped down following a profit warning three weeks ago that sent the social housing maintenance specialist’s share price crashing by almost two-thirds
The firm said Tincknell had agreed with the chairman to leave in order to recover from recent health problems, leaving the current head of the compliance division, Ian Carlisle, as acting chief executive. Finance director Stephen Hill will also leave in October.
On 25 June, Connaught revealed that profit this year would be down by £13m and turnover £80m lower than expected.
Its share price dropped 33% immediately after the announcement, and has since dwindled even further from 213p to 113p.