Retirement of Chief Executive and Board Changes

BELLWAY p.l.c. (the ‘Company’)

Retirement of Chief Executive and Board changes

Bellway p.l.c. announces that Ted Ayres, Chief Executive, who has been on leave of absence since August 2017 due to ill health is leaving the Board on 31^st July 2018.  The Board and management team continue to wish Ted a full recovery and a healthy retirement and would like to thank him for the valuable contribution he has made to Bellway over his 16 years with the Company and during his 5 years as Chief Executive when he led the successful delivery of the Group's growth strategy.

The Board is pleased to announce that Jason Honeyman is to be appointed as Chief Executive from 1^st August 2018.  Jason has been an employee of Bellway since 2005 having been Managing Director of our largest and most successful Division at Thames Gateway before being promoted to Southern Regional Chairman in December 2011 and then joining the Board as Chief Operating Officer on 1^st September 2017. The Board is extremely pleased to have such a strong successor in place in Jason who, since his appointment as Chief Operating Officer, has worked closely with the Executive Chairman, and are confident that his wealth of experience in the housebuilding sector will contribute greatly to the future of the Group. Jason will Chair the Board Committee on Non-Executive Directors’ Remuneration.

John Watson, who has been acting as Executive Chairman during Ted’s leave of absence, will resume his role as non-executive Chairman on 1^st August 2018, following the appointment of Jason Honeyman as Chief Executive.

In addition, the Company wishes to take this opportunity to announce the following future Board changes which are part of the Board’s ongoing succession plan.  These changes will take effect from the conclusion of the Company’s AGM on 12^th December 2018 (the ‘AGM’).

John Watson, having served on the Board since 1995 as an executive director, and since 2013 as Chairman, will retire from the Board at the AGM. 

John Watson will be succeeded as non-executive Chairman by Paul Hampden Smith.  Paul has been a non-executive director since 2013, and Chairman of the Audit Committee since 2014.  Paul is also the senior independent non-executive director, Chairman of the Audit & Risk Committee and a member of the Nomination and Remuneration Committees of Grafton Group plc and was the Group Finance Director of Travis Perkins plc from 1996 until his retirement in February 2013

Ian McHoul will replace Paul Hampden Smith as Chairman of the Audit Committee. Ian was Chief Financial Officer of Amec Foster Wheeler plc from 2008 until 2017 and is senior independent non-executive director and Chairman of the Audit Committee at Britvic plc and a non-executive director at Young & Co’s Brewery, P.L.C..

The Board wishes to place on record its gratitude to John Watson for his dedication and service to Bellway over the last 40 years, 23 of which have been spent on the Board.  We wish him a very long, happy and healthy retirement.

Name of contact and telephone number for queries:

Simon Scougall

Group General Counsel and Company Secretary

Bellway p.l.c.

Tel: [phone]