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Ryan Mangold steps down in Taylor Wimpey management shuffle
(WebFG News) - Taylor Wimpey announced on Friday that Ryan Mangold would be leaving his role as group finance director after almost eight years in that position, in a move that surprised analysts in the City.
The FTSE 100 housebuilder said Mangold would step down as a director on Friday, but would continue to have an "active role" in the business until 31 December, which would include helping to oversee the half-year accounts and help to ensure an orderly transition. He would then be on gardening leave until 19 April 2019.
Consistent with his contractual terms, Mangold will be paid salary and benefits in the normal way, would be considered for a bonus for the period of 2018 financial year actually worked by him, and would be eligible to receive outstanding share awards, with long-term incentive awards prorated and subject to previously-set performance targets.
He will be succeeded by Chris Carney, former group financial controller and currently the divisional chairman of the company's London and South East division, who will be appointed to the board as group finance director with effect from Friday.
Carney, who has held his divisional role since 2015, is a Chartered Accountant and, having worked in both private practice and for Associated British Foods, joined Taylor Wimpey in 2006 as financial controller - a post he held until 2008.
Carney then became the finance director of the group's main operating company, Taylor Wimpey UK, before undertaking the role of managing director of the firm's South Thames business unit.
Taylor Wimpey also announced that Carney would be succeeded by Ingrid Osborne as the divisional chairman for the London and South East division. Its board said Osborne had "significant" operational and commercial experience, and was currently the divisional managing director of its Central and East London businesses. She was also a member of the group management team.
Finally, the company also announced the appointment of Jennie Daly to the board as group operations director, with effect from Friday. Daly joined Taylor Wimpey in 2014 from Redrow as UK planning director, before becoming UK land director in 2015.
She had a "wealth of experience" in the housebuilding industry, the board said, gained from roles which included strategic land oversight at Westbury and managing director of Harrow Estates. As group operations director, Daly would oversee Taylor Wimpey's land, planning, design and technical, production and supply chain functions, in addition to managing the logistics business. Daly is also a non-executive director of the Peabody Trust.
"On behalf of the board, I would like to express our sincere thanks to Ryan for his significant contribution to Taylor Wimpey as group finance director over the past eight years and would like to wish him all the very best for the future," said chairman Kevin Beeston.
"I am also delighted to welcome both Chris Carney and Jennie Daly to the board as group finance director and group operations director respectively.
"Both Chris and Jennie are existing members of the group management team and each has a wealth of experience in the housebuilding industry, which will help to further strengthen the board."
The company confirmed that it was continuing to trade in line with the board's expectations, with shareholders set to receive their next update at the annual general meeting on 26 April.
Analyst Robin Hardy at Shore Capital said it was "a surprise that the CFO is leaving, more so that he is leaving the post today without any prior warnings".
The fact that there is a succession in place and the seemingly amicable terms "suggest very strongly that this is a walk rather pushed departure", and that his replacement looks a "robust appointment".
"We can't see that this in itself will have any impact on the share price with the main short-term driver of the sector being the will they/won't they on interest rates."