Cambridge and Sandy property company Kier Group plc is changing chief executive in a bid to steer a fresh era of growth.

Haydyn Mursell has stepped down with immediate effect after eight years as FD and CEO and the search for a new chief exec is already underway.

As an interim move chairman Philip Cox will act as executive chair working closely with the FD Bev Dew and chief operating officer Claudio Veritiero. They will jointly oversee operations until a new chief executive has been appointed. 

Cox said: “The board believes that, following the completion of the recent rights issue, now is the right time for a new leader to take Kier forward to the next stage of its development. 

“The board would like to thank Haydn for his contribution during eight years, firstly as finance director and then as chief executive.”

The infrastructure services, buildings and developments & housing group also announced a trading update covering the period since its previous update on November 16. It is due to post its half-year results on March 21 but says it is on track to meet FY19 expectation.

During the period, the Infrastructure Services and Buildings businesses won a number of new contract awards and now have 100 per cent visibility of the forecast revenue for FY19 and an order book of more than £10 billion.

Recent key contract awards included the renewal of a three-year c.£70 million utility services deal in the South West and being appointed to three lots on the North West Construction Hub three-year £1.5bn framework.

Also, more than £500m of regional building projects were secured during November and December, including a major office development for Argent at King’s Cross in London, a new research facility for the Pirbright Institute in Surrey, a flagship development for the Royal College of Art and a new hospital for Frimley Health NHS Foundation Trust.  

The balance sheet at December 31 was strengthened following the receipt of the £250m net cash proceeds of the recent rights issue and Kier remains on track to report a net cash position at the year-end (June 30, 2019). 

• PHOTOGRAPH: Outgoing Kier CEO, Haydn Mursell