Taylor Wimpey FD steps down

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:

the Trading Statement

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