In the rejig, first predicted in Building in January, Bill Colvin will join from nursing home company NHP in June. He has been NHP finance director for four months.
Colvin, 47, has a reputation as a city operator, and sources say he was recruited to NHP to reassure its financial backers after the company’s share price fell from a year-high of 208.5p in 1999 to 29p this February. NHP is now in bid talks after he was instrumental in deciding that it needed to find a buyer.
A source close to NHP described Colvin as "massively blunt" and “a bit of a fixer". He was formerly finance director for British Borneo Oil and Gas.
Analysts welcomed the appointment, which comes after Jarvis’ shares fell from a peak of 787.5p in June 1998 to 125p earlier this year. On Tuesday, they ended down 4p at 160p. There are also rumours that the company is being stalked.
Jarvis said the move would allow Henry Lafferty, who is group finance director and chairman of Jarvis Projects, to focus on the development of the projects business.
Lafferty will also assume responsibility for Jarvis Construction Management, Jarvis Workspace FM and the University Partnership programme, which have been combined into a new division to be known as Jarvis Accommodation Services. This will carry out about £200m of work a year at current levels. Jarvis also announced that Colin Skellett, 54, is to join as deputy chairman. He will become chairman when Roger Payton retires in June. Skellett is currently chairman and chief executive of Wessex Water.
The company also said it plans to restructure its technology business into Jarvis Systems and Technologies. This will be headed by John Paul, who joined from BOC Edwards. The road, rail and airports businesses will stay together as Infrastructure Services.
