LONDON (Alliance News) - Housing maintenance contractor Lakehouse PLC said it appointed Robert Holt as executive chairman following the departure of Non-Executive Chairman Ric Piper on Thursday and resignation of former Chief Executive Stuart Black in April.
Shares in Lakehouse were trading up 23% at 29.02 pence on Friday morning following the announcement.
Holt is currently Non-Executive Chairman of housing and social care provider Mears Group PLC, utility contractor Inspired Energy PLC, courier service DX Group PLC and healthcare company Totally PLC.
His appointment comes under changes to the composition of Lakehouse's board during a "challenging" start to 2016 which has faced market headwinds and operational challenges, the company said.
Non-Executive Chairman Piper only took over that role from Chris Geoghegan in April, after Geoghegan was called on to resign by activist investors Slater Investments Ltd and Steve Rawlings. The two investors nominated Piper as Geoghegan's replacement. Piper will remain on the board as a non-executive director until November 30.
Slater Investments and Steve Rawlings also called for the removal of non-executives Jill Ainscough and Jonathan Ford. Ainscough subsequently resigned, but Ford retained his post.
A week after Piper was appointed to his chairman role in April, then CEO Black resigned, having only been in the post for a month following the resignation of previous CEO Sean Birrane in March. Prior to this, Black had been executive chairman of the company.
After Black's departure, the board undertook a review in order to identify a suitable long-term executive management solution, leading to the appointment of Holt as executive chairman and departure of Piper.
"We are delighted that we have attracted a very senior candidate of the calibre of Bob Holt. He is a sector specialist, has a proven track record of operational expertise and is expected to be key to helping Lakehouse restore value to our shareholders. We are confident shareholders will recognise his potential positive contribution and support his appointment," Senior Independent Non-Executive Director Robert Legget said in a statement.
By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews
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Mears (MER)