Forterra, one of Britain's largest brick manufacturers, has announced that chief financial officer Ben Guyatt will depart after two decades with the company. The Northampton-based firm said Guyatt would step down from the board and leave his executive role once a successor is appointed, with a formal search process now under way.
Guyatt, who joined Forterra in 2004 and became CFO in 2016, has overseen the company's financial strategy through a period of significant change, including its demerger from Lafarge Tarmac and subsequent listing on the London Stock Exchange. The group said he would remain in post to ensure an orderly transition.
The departure comes as Forterra and the wider building materials sector grapple with a prolonged downturn in UK housing construction. Elevated interest rates and stubborn inflation have curbed new housing starts, squeezing demand for clay bricks and concrete products. Forterra's shares have fallen by roughly a third over the past 12 months, underperforming the FTSE All-Share index.
Analysts at Peel Hunt noted that Guyatt's exit adds an element of uncertainty at a time when the company is navigating weak volumes and rising energy costs. 'A change in the finance leadership during a cyclical trough is rarely ideal, but a smooth handover will be key to maintaining investor confidence,' they said in a note.
For UK investors and pension holders with exposure to the construction sector, the leadership shift at Forterra underscores the persistent challenges facing housebuilders and their suppliers. While falling mortgage rates could eventually revive demand, the near-term outlook remains fragile, and any disruption to corporate strategy could weigh on share performance.
Source: Forterra plc