Ritchie will step down as Chief Executive of the Group and as a Board Director with immediate effect, but will remain with the Group until 28 February 2017 to assist with the process of transition.
The Board has appointed Earl Sibley, the Group’s Finance Director, as Interim Chief Executive with immediate effect and will initiate a process to appoint a permanent successor, however this is expected to take several months.
“It has been a privilege to serve Bovis Homes as its Chief Executive over the last eight years as the Group has doubled in size and delivered record profits,” Ritchie said. “I believe now is the right time for someone new to lead the Group into its next phase of development. I have spent over 18 years working for this great company and I wish Bovis Homes every success in the future.”
Ian Tyler, Chairman, said, “On behalf of the Company, I would like to thank David for his major contribution to Bovis Homes over his 14 years on the Board initially as Group Finance Director, then Group Managing Director and as Chief Executive since 2008.
“During his time as Chief Executive, the Group successfully navigated the housing market recession and has grown rapidly since 2009. David was instrumental in preparing the Group for growth and then implementing the new strategy. We wish David the very best for the future and every success in his next venture.”