UK's Berkeley names Richard Stern as new CEO
June 20 (Reuters) - British homebuilder Berkeley Group (BKGH.L), opens new tab on Friday named current finance chief Richard Stern as its new CEO, succeeding Rob Perrins, who will take on the role of executive chair.
Chairman Michael Dobson will step down in September after the group's annual general meeting, the company said.
"At this time, the Board is very conscious of the complexity of today's operating environment in our industry, the role of housing in the Government's growth agenda and the importance of the current executive team to maintaining Berkeley's unique business model," Berkeley said in a statement.
The company said it has proposed Perrins' appointment as chairman to lead the group's 10-year strategy, providing assurance to stakeholders of the continuity in leadership.
As required by UK governance rules, Senior Independent Director Rachel Downey will consult with major shareholders in relation to this proposal, it said.
The high-end homebuilder also reported an annual pre-tax profit slightly ahead of market expectations on Friday, helped by tight cost controls as high interest rates and affordability concerns weigh on demand in the sector.
Pre-tax profit for the year ended April 30 came to 528.9 million pounds ($713.22 million), compared to analysts' estimate of 526.3 million pounds, according to LSEG data.
($1 = 0.7416 pounds)
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