Barratt Developments has slipped back after the housebuilder announced a senior director had resigned with immediate effect.
Clive Fenton, who had been with the company since 1983, was the executive director responsible for the southern region. His equivalent for the northern region, Steven Boyes, will now take on a new role as chief operating officer for house building operations. Barratt's chief executive Mark Clare said:
The revised operating structure will drive further standardisation, cost efficiency and quality improvement across the group and underpin the delivery of improved profitability and reduced net debt.
Clare mentioned Boyes as "one of the most respected operators in the industry" but said nothing about Fenton. The statement said Fenton had resigned "to pursue other interests."
Barratt's shares are down 2.1p at 139.5p, even though the company said its next trading statement due on 11 July would confirm full year results would be in line with expectations.
