Connaught shares hit by surprise exit of boss Mark Davies

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Mr Davies, 50, has no employment to go to but in effect put himself on the jobs market this morning, saying he would leave Connaught at its financial year end in August. He received £741,000 last year but will get no pay-off when he leaves.

Mark Tincknell, Connaught's founder and its first chief executive, will resume that role immediately, stepping down from the post of executive chairman.

The firm will appoint a new non-executive chairman with senior independent director Tim Ross becoming acting chairman for the time being.

Mr Davies, who became chief executive four years ago, said: "I have recently completed the restructuring of the senior management team, including the appointment of three experienced chief executive officers responsible for the day-to-day running and development of our operating divisions."

Connaught shares fell 33½p to 327p. It said "trading continues to be in line with management's expectations".

Broker Panmure Gordon said: "Clearly this is not a positive surprise for the shares. It will raise questions about the attractiveness of the growth opportunities within the group from some areas."