- Push-out Score suggests push-out forces
- After almost twelve years on the job
- Accolades and praise for Ingle
- Andrew Livingston taking over
- Ingle spoke at length and said 191 words
(exechange) — London, United Kingdom, July 07, 2017 — Matthew Ingle, chief executive of Howdens, leaves. As announced by Howden Joinery Group Plc in a regulatory filing published on Friday, July 07, 2017, Matthew Ingle, Chief Executive Officer, leaves the supplier of kitchens after almost twelve years on the job, effective in the first half of 2018.
It is the end of an era.
Ingle’s move comes 14 months after Richard Pennycook took over as chairman of Howden Joinery Group Plc.
Ingle’s duties are taken over by Andrew Livingston, currently Chief Executive Officer at Screwfix Direct Ltd.
The fact that Ingle’s successor is brought in from outside suggests that the board may seek to stimulate change with fresh ideas and new initiatives.
“Now is the right time”
The management change is explained as follows. Matthew Ingle said: “Howdens is well set for the future, and I believe that now is the right time for me to step down and pass the baton on to Andrew.”
Precise information about the future plans of Ingle was not immediately available.
Howdens said: “Howden Joinery Group Plc today announces that its founder and CEO, Matthew Ingle, has decided to retire in the first half of 2018 after 22 years with the Group.”
Share price decline
The change follows a decline in the share price of Howden Joinery Group Plc since May 2016.
Chaired by Richard Pennycook
Howden Joinery Group Plc is chaired by Richard Pennycook.
Pennycook was appointed Non-Executive Director in September 2013 and became Non-Executive Chairman in May 2016.
On the job as CEO since 2005
Matthew Ingle was appointed Chief Executive Officer in October 2005.
He set up Howdens in 1995 and has been responsible for its growth into a successful business today.
Prior to joining the Company he had been Managing Director of the Magnet Trade operation.
He was elected to the Board of the Company in 1998. Ingle has no external appointments.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Matthew Ingle’s move.
The Push-out Score™ determined by exechange suggests that push-out forces may have contributed to the management change.
Read the full story in the exechange report 28.2017 ($).