Newcastle-based housebuilder Bellway plc announced the retirement of its group finance director Keith Adey and the appointment of Shane Doherty as its new chief financial officer (CFO).
Doherty will join Bellway on December 2, 2024, and will be appointed as a member of the board with effect from that date.
Doherty was the group chief financial officer of Cairn Homes plc, which trades on both the Euronext Dublin and the London Stock Exchange, until April 2024,
Bellway said: “Shane has significant experience in the housebuilding sector, having spent over four years at Cairn.
“Prior to this, he held a number of other senior finance roles across multiple sectors including as Chief Financial Officer at Morgan McKinley and European Finance Director at Flutter Entertainment PLC (formerly Paddy Power Betfair PLC).
“Shane qualified as a chartered accountant with PricewaterhouseCoopers in 2000.”
Bellway chair John Tutte said: “Shane is a senior finance executive with extensive leadership and board experience, and an impressive record of delivering financial and operational growth across a number of industries in a range of financial and commercial disciplines.
“We are delighted that he has agreed to join the group and we look forward to him working closely with our experienced management team to deliver Bellway’s strategic priorities.”
Doherty said: “I am delighted to be joining Bellway as Chief Financial Officer. Bellway is recognised as a leading UK housebuilder with an excellent track record of delivering both strong shareholder returns and high‐quality, sustainable homes. I look forward to working with the Bellway team in executing its long-term volume growth plans.”
Further to the announcement on May 21, 2024, Bellway also announced that Adey will be stepping down from his current role as Group Finance Director on December 1, 2024.
Adey will remain on the board and will continue to have an active role in the business as an executive director until March 21, 2025, which will include helping to oversee an orderly transition.
Bellway said Doherty‘s remuneration package will comprise a salary of £480,000, and a pension “in line with the rate applying to the majority of the workforce based on being a new employee, an annual bonus opportunity and long-term incentives for 2024 at the same rates as the other executive directors and other benefits.”
The firm said Adey will be paid salary and benefits “in the normal way, will be eligible to receive a bonus for the period of FY25 that he is an executive director and will be eligible to retain his long-term incentive awards (prorated for time and subject to their performance targets and holding periods).”