Maintenance firm shares drop 5% following surprise resignation

Shares in maintenance firm Mears fell more than 5% this morning after the surprise news that chief executive officer Stuart Black had resigned.

In a statement to the stock exchange, Mears said that Black had resigned with immediate effect and that executive chairman Bob Holt would take up the responsibilities of CEO.

In addition, David Miles has been made a director of the company and managing director of Mears Social Housing.

Black’s resignation has come as a surprise with the company’s shares down 5.2% to 332p per share by 9am.

Analysts at Numis Securities suggest the resignation may be a result of “a separation of ways on management style, focus and direction.”

In a note published this morning Numis said: “Stuart's approach being more centralised versus the operations heritage of the company. In addition the executive chairman and the exiting CEO are perceived as chalk and cheese in their management style.”