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Ennstone chief to retire

Ennstone chief executive officer Vaughan McLeod will retire from the firm during 2009 the firm announced today.

He will continue in the role until a successor is appointed. The board has also appointed Graham Brown as interim chairman of the firm with immediate effect.

Mr Brown, one of the independent non-executive directors of the company was formerly group finance director of Wilson Bowden until the end of 2006.

Earlier this week Ennstone revealed it is accelerating its disposal programme, after its performance continued to deteriorate in the second half of the year.

Mr Brown said: “Following the prolonged deterioration in the US market and recent sharp downturn in the Company's core UK market, the company acknowledges that it needs to restructure its balance sheet in response to these challenging trading conditions.

“As such, the Board is actively pursuing its strategy of asset disposals alongside an equity fundraising in order to meet its current financing requirements.”

Related stories: Poor trading urges Ennstone to speed-up disposal plan