New blood brought in to continue growth of construction company
Bangor developer Watkin Jones has revealed the identity of its first-ever chief executive from outside of the family.
Mark Watkin Jones announced this January that he was standing down as the group’s chief executive officer.
Launching their search for a new CEO, the board said the company would be led by someone from outside of the Watkin Jones family for the first time in its history of more than 200 years.
Now they have announced the successor as Richard Simpson, who is currently property director at student accommodation developer Unite Group, based in Bristol and London.
He will take up his role on January 2, 2019.
Mark Watkin Jones, who was recently named in the Top 10 richest people in Wales list by the Sunday Times, with an estimated worth of £350m, said he will work with Mr Simpson for as “long as needed” during the transition.
He said: “I am extremely pleased that I will be handing over my CEO responsibilities to such an experienced and recognised operator in the sector.
“Richard’s knowledge and firsthand experience of the PBSA sector is significant for the group.
“I will do what needs to be done to ensure a smooth handover and I will work closely with Richard during the transition period.
“I strongly believe I am handing over stewardship of Watkin Jones to the right candidate as the group enters the next phase of its growth.”
Grenville Turner, chairman of Watkin Jones Plc, said: “We are pleased to be appointing a CEO with FTSE 250 board experience as well as a highly recognised industry figure with an immense track record and credibility.
“He is well-known to the Watkin Jones board, having worked closely with the business on several occasions.
“We look forward to a long and prosperous period with Richard at the helm of what is a growing business.”
Mr Simpson has experience in the student accommodation market, having joined Unite in 2005. He was appointed to the main board as an executive director in 2012.
Mr Simpson, said: “I am excited by the prospect of working with the board, senior management and staff to build on the group’s strong foundations and to lead the business in the continued execution of its strategy.”
The company recently celebrated the topping-out ceremony of the tallest building in Cardiff.
Watkin Jones expects the 85m-high Bridge Street Exchange, on Charles Street in Cardiff, to be completed in August this year.