Saturday, November 7, 2009

Andrews left NG Bailey at 'appropriate juncture' following restructure

NG Bailey acting chief executive Chris Newton has shed more light on former chief exec Mark Andrews' shock departure last week.

At the time, the company declined to reveal the reasons for Andrews' decision to quit.

In a statement released today, Newton said: "Following last week’s announcement, I wanted to share further details around Mark Andrews’ departure.

"Mark worked for NG Bailey for nearly six years, a term envisaged at the start of his tenure.  During that time Mark grew the business from a circa ВЈ400m turnover company to one that last year saw sales rise to just over the ВЈ600m mark.  He was instrumental in creating and implementing our вЂFor Life in Buildings’ strategy, which will continue to drive our business forward.


Andrews left NG Bailey at appropriate juncture following restructure


"Over the last year, Mark has led a right-sizing programme, helping us to reposition the business in line with the market recession we are all facing.  With this programme in place it therefore seemed like an appropriate juncture for Mark to pass on the overall leadership of the company.

"I, as acting CEO, will carry forward what Mark has achieved whilst at the helm.

"NG Bailey is a leader in its field. As a privately-owned company we have the ability to shape our business as and when we need to, in line with what the market is demanding.  I will be picking up where Mark left off to ensure that our position in the marketplace remains clear and strong.  I would like to add that the company, although having reported disappointing results earlier this year, is in an ideal place to weather the current economic storm - with a balance sheet of which many would be envious." 

Meanwhile, a statement from Mark Andrews said:

"I will be leaving NG Bailey at the end of the month.  Following the implementation of a right-sizing programme, to bring the business in line with what the market is demanding, the decision to hand over the reins at this juncture was mutually agreed.

"I will be working with Chris Newton over the next couple of weeks to ensure a smooth transition for him in his new role as acting CEO.

"I am currently considering a number of options in terms of my next role, which I will provide an update on in due course. 

"I wish Chris every success as acting CEO and to NG Bailey for its continued leading position in the industry."

Earlier this year the firm warned that 2009/10 would be a "difficult" year, as it unveiled a ВЈ10.8m pre-tax loss.

The loss came despite a 14% rise in turnover to ВЈ600m for the year to 27 February 2009.

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