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Lakehouse chief executive Stuart Black quits as founder Steve Rawlings returns to the board

Lakehouse chief executive Stuart Black has resigned in the wake of a boardroom shake-up at the social housing specialist.

The move comes four days after Lakehouse founder Steve Rawlings returned to the board.

Mr Rawlings’ return came after a month-long battle for control of the contractor, sparked by shareholder concern over governance and profitability.

Mr Rawlings and fellow shareholder Slater Investments had called for the removal of three non-executive directors, following the shock resignation of then CEO Sean Birrane in March.

An agreement was reached on Monday on the boardroom changes, ahead of an emergency general meeting.

Under the agreement, non-executive chairman Chris Geoghegan left the board, with Ric Piper, Robert Legget and Mr Rawlings joining as new non-executive directors.

Two other non-executive directors – Jill Ainscough and Jonathan Ford – will remain on the board, despite Mr Rawlings and Slater Investments having called for their removal.

Mr Black, who was previously the company’s chairman, stepped into the role of chief executive following Mr Birrane’s exit.

Mr Black had expressed his opposition to Mr Rawlings returning to the board.

Speaking to Construction News last month, he said: “We have made our position clear. We think these proposals are highly inappropriate and we would have to take a view based on what we find after the meeting… and we would do whatever is right for the business at that stage.”

Mr Black will leave the company within six months.

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