Troubled housebuilder Taylor Wimpey has announced the departure of its finance director amidst further worries about not being able to raise an emergency £500m cash injection to rescue its balance sheet.

Peter Johnson is the latest casualty in a shaky sector. Taylor Wimpey has appointed headhunters to find his replacement.

Johnson, a former Taylor Woodrow FD who played a key role in the merger with George Wimpey to form the UK's second biggest housebuilder, announced the departure formally in a half-year trading statement.

The housebuilder has already admitted it needs the cash injection to stay afloat, as it sought to write down the value of its land holdings by £66om.

It is also in crunch talks with its bankers to seek waivers to its covenant obligations in return for raising equity.

Johnson steps down at the end of 2008, the company said.

Further Reading:

Read the Trading Statement