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Wates Group announces new chair
Social housing contractor and house builder Wates Group has announced that current chair Sir James Wates will be replaced by his cousin at the family-owned business.
Tim Wates will take on the role at the company’s annual general meeting in May, having served as deputy chair since October last year.
He joined Wates in 1993 and has served on the board from 2006 to 2008 and then since 2011.
Mr Wates is also chair of the Wates Family Council, the family shareholder forum and is a member of the remuneration committee and nominations committee.
He is also a trustee of various Wates’ family charities and has served as the lead family director on housing issues.
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Before he joined the family business, Mr Wates started his career at wealth management firm Cazenove & Co. He currently holds non-executive director roles at Tampopo Limited and Pedder Property.
He said: “I’m excited about taking over as chair, with the Wates Group in a strong position to become an even more high-performing, entrepreneurial and sustainable organisation.
“It is an honour to be named the next chair of our 125-year-old enterprise and continue our tradition of maintaining a long-term perspective and commitment to business as a force for good in society.”
Sir James said: “I have enjoyed my 10 years as chair enormously, and the time is now right to pass the baton over to my cousin Tim.
“I look forward to continuing to serve on the board and being actively involved in the business, including representing Wates in external forums.”
Wates chief executive David Allen stepped down after just over four years in the role in July.
He was replaced in the interim by chief financial officer Philip Wainwright, who will stay in the role until a permanent successor is appointed.
Mr Allen told Inside Housing in March 2022 that the firm was taking a “pragmatic” approach to the high inflationary environment and attracting new talent amid record operating profits of £40m.
