Jarvis chief executive Kevin Hyde stands down after disastrous financial year.
Kevin Hyde has quit as chief executive of troubled contractor Jarvis two months after the firm made a huge pre-tax loss of £247m for the last year.
Jarvis said it was in the process of seeking a replacement for Hyde and would be making an announcement shortly.
The group said that chief restructuring officer Eric Simonsen, Alistair Rae and Andrew Lezala would continue to restructure the firm and carry out cost reductions and asset disposals.
Hyde became chief executive in June 2003 and is the latest Jarvis executive to leave. Both finance director Robert Kendall and accommodation services head Andrew Sutton left in the spring.
Hyde said: “I believe this is an appropriate moment for me to step down, having set in hand the urgent actions need for recovery following the extremely difficult trading conditions we suffered in the last financial year."
“Now the situation is more stable, the group will benefit from fresh insights. I am grateful to the board and all my colleagues in Jarvis for their support in working through this situation, and wish everyone well for the future.”