(Reuters) – Taylor Wimpey said on Friday former Landsec chief Robert Noel would replace Irene Dorner as its chairperson next year, the second top level change at the British housebuilder in 2022 after it named a new CEO in February.
Dorner, 68, leaves after just over two years as chairperson and at a time when British housebuilders are facing a slowdown in the sector as higher mortgage rates make home purchases less affordable.
Noel, 58, an industry veteran who led commercial property giant Landsec for eight years till March 2020, is currently a senior independent director at Taylor Wimpey.
“(Noel’s) familiarity with Taylor Wimpey, and long track record in the property sector, provides excellent commercial experience and continuity of leadership as we face a changing market environment” said Jitesh Gadhia, the independent non-executive director who led the chair search process.
Taylor Wimpey last month scaled back its home building plans amid falling sales and growing cancellations, while its shares have plunged more than 41% so far this year.
Noel will take charge as chairperson after Taylor Wimpey’s annual general meeting on April 27, when Dorner steps down, the FTSE 100 company said. She will continue on the board as a non-executive director.
Taylor Wimpey was among the few companies in the United Kingdom with women holding both the chairperson and CEO roles, after insider Jennie Daly took over as chief executive in April.
Daly’s appointment came just months after activist investor Elliott, one of the top five stakeholders in Taylor Wimpey, criticised the company’s strategy and called for the appointment of an outsider as CEO.
Dorner, who became chairperson in February 2020, had overseen the company during the height of the coronavirus pandemic, when housebuilders benefited from increased preference for larger homes due to the shift to remote working and state support measures such as tax holidays.
(Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Nivedita Bhattacharjee and Emelia Sithole-Matarise)