Bellway plc (LON:BWY), the national housebuilder, has announced today, 11 October 2024, the appointment of Shane Doherty as Chief Financial Officer.
Shane Doherty, who was the Group Chief Financial Officer of Cairn Homes PLC (‘Cairn’) (a company trading on both the Euronext Dublin and the London Stock Exchange) until April 2024, will join Bellway on 2 December 2024 as Chief Financial Officer and be appointed as a member of the Board with effect from that date.
Shane has significant experience in the housebuilding sector, having spent over four years at Cairn. Prior to this, he held a number of other senior finance roles across multiple sectors including as Chief Financial Officer at Morgan McKinley and European Finance Director at Flutter Entertainment PLC (formerly Paddy Power Betfair PLC). Shane qualified as a chartered accountant with PricewaterhouseCoopers in 2000.
John Tutte, Chair, said: “Shane is a senior finance executive with extensive leadership and board experience, and an impressive record of delivering financial and operational growth across a number of industries in a range of financial and commercial disciplines. We are delighted that he has agreed to join the Group and we look forward to him working closely with our experienced management team to deliver Bellway’s strategic priorities.”
Shane Doherty added: “I am delighted to be joining Bellway as Chief Financial Officer. Bellway is recognised as a leading UK housebuilder with an excellent track record of delivering both strong shareholder returns and high‐quality, sustainable homes. I look forward to working with the Bellway team in executing its long-term volume growth plans.”
Further to the announcement on 21 May 2024, Bellway also announces that Keith Adey will be stepping down from his current role as Group Finance Director on 1 December 2024. Keith will remain on the Board and will continue to have an active role in the business as an executive director until 21 March 2025, which will include helping to oversee an orderly transition.
NOTES:
1. There is no further information in respect of Shane Doherty which would require disclosure under Listing Rule 6.4.6.
2. Shane Doherty’s remuneration arrangements have been set in accordance with the Directors’ Remuneration Policy approved by shareholders at the 2021 AGM and are in accordance with the proposed new remuneration policy to be put to shareholders at the upcoming AGM (‘Remuneration Policy’). Shane’s remuneration package will comprise a salary of £480,000, a pension in line with the rate applying to the majority of the workforce based on being a new employee, an annual bonus opportunity and long-term incentives for 2024 at the same rates as the other executive directors and other benefits.
3. Consistent with his contractual terms and the Remuneration Policy, Keith will be paid salary and benefits in the normal way, will be eligible to receive a bonus for the period of FY25 that he is an executive director and will be eligible to retain his long-term incentive awards (prorated for time and subject to their performance targets and holding periods). The information to be disclosed under section 430(2B) of the Companies Act 2006 in relation to Keith will be available on the Company’s website in due course.
