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Tony Pidgley today surrendered the day-to-day running of his London housebuilding firm Berkeley Group as he stepped up from managing director to chairman.
The 62-year-old moved upstairs after 33 years in charge of the firm he set up in Weybridge in 1976.
He is succeeded as managing director by Rob Perrins, the finance director who joined Berkeley 15 years ago. Current chairman Victoria Mitchell becomes deputy chairman.
The board shake-up came after Berkeley posted a 38% fall in profits for the year to the end of April to £120.4 million against £194.3 million last time around.
Revenues fell 29.2% from £991.5 million to £702.2 million.
Pidgley said: "The sales market in the last year has been extremely challenging as an already difficult market became harder still.
"The lack of visibility and reduced confidence that comes with any downturn was compounded for our customers by the banks hardening their lending criteria.
"The last quarter has, however, seen an improvement in transaction levels and sales prices have stabilised. Looking forward, the trading outlook remains uncertain."
Reader views (2)
to give him his due he has probably called the property market better than any of his peers in the last thirty years.
- Mikey, tring uk
This man knows his onions. He called the top of property booms twice in 20 years, and made billions selling his landbank in advance of the falls.
- Dave Davies, Basingstoke, Hants
