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Swan deputy chief executive resigns
The deputy chief executive and finance director of Essex-based housing association Swan has resigned after more than a decade at the company.
The 11,000-home landlord announced in an update to the stock market today that Jamie Smith will leave the organisation at the end of May.
James King, Swan’s group financial controller, now has the job of interim finance director.
Mr Smith, who was both deputy chief executive and finance director, joined Swan in 2009 as finance director after holding a number of senior finance roles at organisations such as Balfour Beatty, the country’s biggest construction firm. Mr Smith is also a non-executive director at Thrive Homes.
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John Synnuck, chief executive of Swan, said: “Mr Smith, our deputy chief executive and finance director, is leaving the business at the end of May after more than 10 years of excellent work.
“The board would like to thank Jamie for his support and guidance throughout his time with the organisation.”
At the end of 2019 Swan’s credit rating was downgraded from A- to BBB+ by Standard & Poor’s. The ratings agency cited “substantial volatility” caused by Swan’s reliance on sales activities.
The association also reported a drop in annual surplus of more than a third last year and warned that the cost to replace Grenfell-style cladding remained uncertain.
