NG Bailey has announced the departure of chief executive David Hurcomb after 14 years at the helm.
Hurcomb will retire in May and be replaced by Jonathan Stockton, currently chief operating officer at the mechanical & electrical (M&E) contractor.
Hurcomb joined the then £464m-turnover NG Bailey in 2010 from Havelock Europa, having previously been executive director of Carillion.
A statement from NG Bailey said that Hurcomb had taken the company through a period of “unprecedented growth, diversification and success”.
Major contract wins during his time include packages at Hinkley Point C, on Crossrail and on the redevelopment of London Bridge station. It also acquired facilities-management and power-engineering services firm Freedom in 2018.
Stockton, a former senior manager at Deloitte, has been at the firm since 2016, serving as deputy chief financial officer, group director of strategy and performance and chief financial officer prior to his current role.
The firm’s statement said the pair have worked closely together as part of a planned transition for several years.
Hurcomb said: “It has been a huge honour to have played my part during my time as chief executive in the ongoing success of what is a truly fantastic family-owned business.
“I am immensely proud of the many remarkable highlights and achievements there have been over the years, and it has been a pleasure to have worked with so many talented colleagues.”
In its latest published accounts, the company posted a £25m pre-tax loss on a turnover of £531.6m, blaming the loss on inflation and fixed-price contracts. It also took a hit on an investment in gigafactory start-up Britishvolt.
Hurcomb said that NG Bailey expected to return to double-digit profit in the 2023/24 financial year.
In an interview with Construction News in November, he said that despite the Britishvolt experience, the gigafactory market remained a target.
“The UK absolutely needs to build half a dozen gigafactories [at a] minimum to preserve its automotive industry. There are one or two sites moving forward and certainly we aim to be involved. It’s a market that’s going to grow, without a doubt,” he said.
Stockton said he was looking forward to his new role. He added: “I would like to thank David for his ongoing support, and I wish him a much deserved, long and happy retirement.”
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