The board of Bovis Homes Group has announced that David Ritchie will step down as chief executive of the Group and as a board director with immediate effect but will remain with the group until 28 February 2017 to assist with the process of transition.

Earl Sibley, the group’s finance director, has been appointed as interim chief executive with immediate effect and will immediately initiate a process to appoint a permanent successor which is expected to take several months.

Bovis issued a profits warning at the end of 2017 after it admitted that it would expect 3,950 and 4,000 completions, rather than the 4,170 figure that investors had expected.

This meant it reported pre-tax profit expectations for 2016 of £160m-£170m, compared with analysts’ forecasts of about £183m.

Ritchie said: “It has been a privilege to serve Bovis Homes as its chief executive over the last eight years as the group has doubled in size and delivered record profits.

“I believe now is the right time for someone new to lead the group into its next phase of development. I have spent over 18 years working for this great company and I wish Bovis Homes every success in the future.”

Ian Tyler, chairman, added: “During his time as chief executive, the group successfully navigated the housing market recession and has grown rapidly since 2009. David was instrumental in preparing the group for growth and then implementing the new strategy. We wish David the very best for the future and every success in his next venture.”