Bellway p.l.c.

Board Changes

Group Finance Director Succession and Appointment of Executive Director

Bellway p.l.c. ("Bellway" or the "Company"), one of the UK's leading housebuilders, today announces that Keith Adey, Group Finance Director, has advised the Board that, following a successful career that has spanned over 15 years with Bellway including over 12 years as Group Finance Director, and after much careful consideration, the time is right to step down from his role and from the Board. Keith intends to retire from full-time executive work once a successor has been appointed.  A thorough recruitment process, led by the Nomination Committee with the support of external consultants, will now be undertaken. Throughout this process Keith will remain committed as Group Finance Director until an appropriate candidate has been appointed and a suitable handover has taken place which the Board expects to be early in 2025.

The Company also announces that Simon Scougall will be appointed to join the Board in the newly created executive role of Chief Commercial Officer on 1^st August 2024. Simon has held a number of senior positions within Bellway for over 13 years and is currently the Group General Counsel and Company Secretary and a member of the Group Executive Committee. 

Keith Adey, Group Finance Director, commented:

"It has been an honour and a privilege to serve as Group Finance Director for Bellway, a tremendous company with great prospects, for over 12 years.  I am extremely proud of, and grateful to, my colleagues for everything we have achieved together.  While the process to appoint my successor is ongoing, it will be very much business as usual at Bellway. I remain fully committed to executing our strategy as set out in our most recent Interim announcement on 26^th March 2024 and look forward to updating the market at our forthcoming trading update."

John Tutte, Chair of Bellway, commented:

"On behalf of the Board and everyone at Bellway, I want to place on record our sincere gratitude for Keith's significant and highly valued contribution to Bellway's growth and sustainability strategy, and for his dedicated service over the years.  The Board looks forward to continuing working with him while we undertake a thorough process to identify his successor.

"We have built an exceptional management team at Bellway led by Jason Honeyman, our CEO, with strong succession plans in place across all our key disciplines. Simon Scougall, who has progressed through the ranks over the past 13 years, is an excellent appointment in the executive role of Chief Commercial Officer and we look forward to him joining the Board and supporting Jason in the delivery of our strategy."

The Company will provide the usual summer trading update to the market on Friday 7^th June 2024.

Notes:

1.   There is no further information in respect of Simon Scougall which would require disclosure under Listing Rule 9.6.13.

2.   Simon Scougall's remuneration arrangements have been set in accordance with the Directors' Remuneration Policy approved by shareholders at the 2021 AGM ('Remuneration Policy').   Simon's remuneration package will comprise a salary of £444,000, a pension in line with the rate applying to the majority of the workforce, of 10% of salary, an annual bonus opportunity and a Performance Share Plan award for 2024, and other benefits, in line with the Remuneration Policy.   

For further information please contact:

Bellway p.l.c.

Gavin Jago, Group Investor Relations Director   +44 (0) 191 217 0717

Powerscourt (Financial PR)

Justin Griffiths

Nick Dibden

Victoria Heslop

[email protected]   +44 (0) 20 7250 1446