Barratt Redrow announced Wednesday that Chief Financial Officer Mike Scott has stepped down with immediate effect, a move that follows the recent disclosure of significant legacy costs from its acquisition of rival Redrow.
The British housebuilder said the departure was by mutual agreement.
The change comes after the company recently uncovered more than 150 million British Pounds in unexpected costs for building safety issues at properties developed by Redrow prior to the merger.
Barratt Redrow said its financial position remains strong and that current trading is solid and in line with a trading update issued on Nov. 5.
The board has launched a search for a new CFO and appointed Micheal Passmore as interim Deputy CFO.
"On behalf of the Board, I would like to thank Mike for his contribution during a pivotal period for the Group and we wish him well for the future," said Caroline Silver, Chair of Barratt Redrow.
Mr. Scott will be available for transitional support until Jan. 31, 2026, the company said.
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Barratt Redrow has identified 150 million British Pounds in legacy property liabilities related to its recently acquired Redrow business, stemming from issues with reinforced concrete frames.