Hedges quits Taylor Woodrow
Saturday 19 September 1992
Mr Hedges, 49, was reported to be a contender for the job at the time and sources close to the company speculated that his resignation might be a result of that disappointment.
But 10 days ago, when the company reported its interim results, Mr Parsons told City analysts to expect rationalisation from the top down. In the months since his appointment he has made no secret of his plan to simplify management.
Mr Hedges is resigning from his jobs as both chairman of Taylor Woodrow Property and director of Taylor Woodrow plc at the end of the month. He was made a director of the property company in 1973, when he was only 30, and is credited with building up the international property business.
But, along with many other construction and property companies, Taylor Woodrow has recently reported profits sharply lower after hefty provisions to reflect dramatic falls in property and land values.
A provision of pounds 21m in the six months to 30 June pushed it to an interim pre-tax loss of pounds 16m and prompted the dividend to be cut from 1.86p to 0.5p. In 1991 a provision of pounds 46.5m caused the company to lose pounds 2.7m before tax.
The group plans to achieve a pounds 20m reduction in overheads by 1993 through cost cutting across the group.
Keith Egerton, who joined Taylor Woodrow from Costain last year, will run the property business from day to day.
A Taylor Woodrow spokesman was not aware whether Mr Hedges had another job lined up. The company statement merely said: 'Mr Hedges now wishes to be free to pursue other interests in management, property investment and industry.'
Mr Parsons said: 'Peter Hedges has made a very valuable contribution to Taylor Woodrow over the past 25 years. We are extremely sorry to lose his services and we wish him every possible success in the future.'
- 1 Autistic adults could take pure MDMA to 'reduce social anxiety'
- 2 Before you complain about your GP, this is what you need to know about actually doing the job
- 3 Father of 12 accused of raping, beating, starving and abusing his own children in US 'cult'
- 4 Britain's Got Talent 2015: Jamie Raven divides Twitter as fans expose mind-boggling magic trick
- 5 Charlie Charlie Challenge explained: not a Mexican demon being summoned — it's gravity
People are criticising Fifa World Cup sponsors with corrupt corporate logos
Natalie Portman tells Harvard graduates: 'Accept your lack of knowledge'
British tourists complain impoverished boat migrants are making holidays 'awkward' in Kos
Fifa corruption live: Sebb Blatter warns 'more bad news may follow' as he clings to power
Skull found in Spain could be the world's first-ever murder victim
EU referendum: David Cameron's rules are a 'democratic disgrace', says French-born Scottish politician set to be denied a vote
SNP fury as HS2 finds 'no business case' for taking fast train service to Scotland
Australian man punched in the face for defending Muslim women from abuse on train
A nation of inequality: How the UK is failing to feed its most vulnerable people
David Starkey 'tells Amal Clooney to shut up and stop over-promoting human rights'
EU referendum: David Cameron to deny EU migrants and under-18s the chance to vote
iJobs Money & Business
£30 - 35k: Guru Careers: We are seeking a Pricing Analyst to join a leading e-...
£20000 - £25000 per annum + OTE £45K YR1: SThree: At SThree, we like to be dif...
£20000 - £25000 per annum + competitive: SThree: Did you know? SThree is a mul...
£55 - 65k (DOE): Guru Careers: A unique opportunity for a permanent C# Develop...