Bellway PLC, a prominent UK housebuilder, has announced the retirement of Keith Adey, Group Finance Director, after over 15 years with the company, including more than 12 years in his current role. Adey will remain in his position until a successor is appointed, expected in early 2025. The company has initiated a thorough recruitment process to find a suitable replacement. In addition, Simon Scougall will join the Board as the Chief Commercial Officer on August 1, 2024, after holding various senior positions within Bellway for over 13 years.
Keith Adey expressed his gratitude for his time at Bellway, stating, "It has been an honor and a privilege to serve as Group Finance Director for Bellway, a tremendous company with great prospects, for over 12 years." He also assured that it will be business as usual at Bellway during the transition period. John Tutte, Chair of Bellway, acknowledged Adey's significant contribution and dedicated service to the company and expressed the Board's commitment to identifying his successor.
The company also announced that Simon Scougall's remuneration package will include a salary of £444,000, a pension, an annual bonus opportunity, and a Performance Share Plan award for 2024, in line with the Directors' Remuneration Policy approved by shareholders at the 2021 AGM. Bellway will provide its usual summer trading update to the market on Friday, June 7, 2024.
Bellway's Chair, John Tutte, emphasized the company's strong management team, led by CEO Jason Honeyman, and the robust succession plans in place across key disciplines. Tutte expressed confidence in Simon Scougall's appointment as the Chief Commercial Officer and looks forward to his support in delivering the company's strategy.