Graham Sizer is to step down from his position as FD of Southern Cross Healthcare at the end of next month.

The FTSE 250 company said today: 'Graham Sizer has indicated to the board that he wishes to stand down from his position as finance director. In order to achieve an orderly handover, Graham has agreed to remain with the Company until 29 February 2008.'

Last year, Sizer cashed in £7.8m of shares after the chancellor announced plans to introduce a flat rate of 18% on capital gains.

He will be replaced by financial controller Jason Lock who has been second-in command of the finance function since joining the company in March 2003.

Lock, 35, is a chartered accountant and before taking on his role at Southern Cross worked at PricewaterhouseCoopers in various audit and tax roles.

He worked closely with Sizer during Southern Cross' 2006 IPO and has been closely involved in the company's financing strategy and acquisition activity since that time, the company said.

Bill Colvin, CEO of Southern Cross, commented: 'We are pleased to announce Jason's appointment as FD and welcome him to the board. His knowledge of Southern Cross and of the care home industry combined with his acquisition experience will be of great benefit to the group.'

Lock is set to join the board of Southern Cross on 1 March 2008.

Further reading:

CGT fears lead Sizer to £7.8m share sale