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LONDON - UK homebuilder Barratt Redrow plc announced Thursday that Chief Financial Officer Mike Scott has stepped down from his position and as an Executive Director with immediate effect, in what the company described as a mutual agreement.
Scott, who has served as CFO for four years, will remain available for transitional support until January 31, 2026, according to a company press release.
The board has initiated a search for a permanent replacement. In the interim, Micheal Passmore will join the company as Deputy CFO, overseeing core finance functions and reporting directly to CEO David Thomas. Passmore previously held the position of Group Finance Director at Rank Group plc and has prior experience in finance director roles at ISS plc and the Post Office.
"On behalf of the Board, I would like to thank Mike for his contribution during a pivotal period for the Group and we wish him well for the future," said Caroline Silver, Chair of Barratt Redrow.
Scott commented, "I would like to thank the Board for the opportunity to work with Barratt Redrow over the last four years and wish the Group all the best for the future."
The company, which recently completed a merger with Redrow, stated that it remains in a strong financial position and that current trading remains solid and in line with the trading update provided at its Annual General Meeting on November 5.
Details regarding Scott’s remuneration arrangements will be disclosed on the Barratt Redrow website in accordance with section 430(2B) of the Companies Act 2006.
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