Last checked at 4 Dec 2009 07:00
4 December 2009
Taylor Wimpey plc
Board Changes
The Board of Taylor Wimpey plc announces the following Board changes:
Norman Askew - Chairman
Norman Askew, Chairman of the Board of Taylor Wimpey plc has today confirmed his intention to stand down from the Board by the end of December 2010.
Norman Askew was appointed Chairman of Taylor Woodrow plc in July 2003 and was subsequently appointed as Chairman of Taylor Wimpey plc, following the nil premium merger with George Wimpey Plc in July 2007.
Since the merger, he has led the Board through the post merger integration process, the sale of the Taylor Woodrow Construction business and also through the very challenging market conditions which faced the industry during 2008 and into 2009, culminating in the Company's successful renegotiation of its financial covenants and the raising of £510m (net) of equity in June 2009, via its placing and open offer.
The Nomination Committee has commenced a process to recruit a successor and a further announcement with regard to the appointment of a new Chairman will be made in due course.
Norman Askew said:
"We have come through unprecedented market conditions since the merger. It is important that as we enter 2010, we continue to proactively manage our business in what are still uncertain times. I have notified the Board of my decision to stand down as Chairman by 31 December 2010 at the latest. This will give plenty of time for a rigorous process to be undertaken for the selection of my successor and it will ensure a smooth transition."
Robert Rowley - Appointment as an Independent Non Executive Director *
The Board is delighted to announce the appointment of Robert (Rob) Rowley as an Independent Non Executive with effect from 01 January 2010. He will also be appointed as the Chairman of the Audit Committee, as well as a member of the Remuneration Committee and the Nomination Committee.
Rob Rowley is currently a Non Executive Director of Liberty International plc (where he chairs the Audit Committee and is the Senior Independent Director) and moneysupermarket.com, where he also chairs the Audit Committee. Previously, he was a Non Executive Director of Prudential plc (where he chaired the Audit Committee), Deputy Chairman of Cable and Wireless plc and a Non Executive Director of Taylor Nelson Sofres plc. Rob Rowley's executive career was at Reuters Plc, where he was a director from 1990 to 2001.
David Williams - Independent Non Executive Director
Having regard to his recent appointment as Joint Chairman of the Mondi Group, David Williams has today confirmed to the Board that he will be standing down from the Board as an Independent Non Executive Director on 31 March 2010.
He was appointed to the Board of George Wimpey Plc in 2001 and was then appointed to the Board of Taylor Wimpey plc following the merger with Taylor Woodrow plc in July 2007. David Williams is also currently a Non Executive Director of Meggit PLC, Tullow Oil plc and DP World Limited (a Dubai listed company).
David Williams chairs the Audit Committee and is the Senior Independent Director appointed in line with the Combined Code of Corporate Governance. The Board will appoint a new Senior Independent Director on, or before, 31 March 2010.
Norman Askew, Chairman, commented:
"The Taylor Wimpey Board would like to express its gratitude to David Williams for his outstanding contribution since the merger in 2007, which has allowed the Company to benefit from his wealth of experience.
I am delighted to have secured Rob Rowley's appointment to the Board as a Non Executive Director. He brings a strong financial background and wealth of commercial business experience to the Taylor Wimpey Group."
*There are no other details that require to be disclosed in respect of the appointment of Rob Rowley pursuant to Rule 9.6.13 of the UK Listing Rules.
-ends-
For further information please contact:
Taylor Wimpey plc Tel: +44 (0) 20 7355 8100
Pete Redfern, Group Chief Executive
James Jordan, Group Company Secretary
Finsbury Tel: +44 (0) 20 7251 3801
Faeth Birch
Clare Hunt
Notes to editors:
Taylor Wimpey plc builds homes in the UK, North America, Spain and Gibraltar. It aims to be the homebuilder of choice for customers, employees, shareholders and communities.
For further information, please visit the Group's website:
www.taylorwimpeyplc.com