Taylor Wimpey FD steps down
Housebuilder announces departure as part of a trading statement
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.