Wates has announced that its CEO David Allen is stepping down with immediate effect.

Allen joined the Wates Group in January 2016 and has been CEO since April 2018.

Philip Wainwright, Wates chief financial officer, will become interim CEO pending the appointment of a permanent successor.

Sir James Wates CBE, chairman of the Wates Group, announced the news, saying: “During his time as our CEO, David’s intelligence, commitment and compassion has stood the organisation in good stead and in particular, ensured that the Wates Group successfully responded to the challenges of the pandemic. The board thanks David for his contributions and wishes him the very best for the future.

“We have an outstanding management team in place, and we have the right long-term strategy both to take advantage of market opportunities as well as to meet our objective of handing over to the next generation of family ownership a stronger, more sustainable enterprise.”

The Wates group board has initiated the process to identify a new CEO, and the company says that further information will be announced in due course.