Chief operating officer Stephen Stone steps up to fill role.

John Callcutt is to retire as chief executive of Crest Nicholson after 14 years, and will become deputy chairman of the Group from 1 November 2005. Stephen Stone, who has been Crest Nicholson’s chief operating officer since 2003, will take over as chief executive on the same day.

Crest’s chairman John Matthews said: “The Board is extremely grateful to John Callcutt for the extraordinary contribution he has made during his 31 years with the Company and particularly as its Chief Executive since 1991. We are delighted that he will have a continuing role with our Group in helping us to develop our urban regeneration strategy, an area in which he has become a leading authority.”

Callcutt’s new role will be to promote the Group’s position in the realisation of large-scale, urban regeneration schemes. He said: “It has been an enormous privilege to lead Crest over the last 14 years and particularly taking the Group to the forefront of urban regeneration. I am delighted that Stephen Stone will be my successor and wish him well as he takes the Company into its next phase. I look forward to working with him in my new role focussing on our urban regeneration business.'