Disagreements over the fiscal strategy of residential developer Northacre have led chief executive Jayne McGivern to quit after only 10 weeks in the role.
McGivern, who was hired on her reputation as a tough problem solver, quit the business following a board meeting last week.
She said she left by mutual consent following a “fundamental disagreement with the executive chairman over the company’s fiscal strategy and the plans for moving forward”, which made it “pointless to stay”.
Klas Nilsson will revert to chairman and chief executive of the group.
Sources said the former UK managing director of Multiplex had been drafted in to help turn around the business and secure fresh equity. McGivern is understood to have been weeks away from securing a restructure of Northacre aimed at enabling it to be built up into a significant residential developer.
The group currently has only one active project – The Lancasters in west London – which it owns in partnership with Minerva.
Northacre’s latest full-year results for the 12 months ended 28 February 2010 revealed a pretax loss of £4m – an increase from a loss of £50,000 in the previous year. Turnover declined from £9m to £6m.
