Wates announces new chief executive

Paul Drechsler is to become the new chief executive of Wates. He will take up the position on 6 September, succeeding Struan Robertson who stepped down in January.

Drechsler has been with ICI for 24 years where most recently he was a main board director.

Andrew Wates, executive chairman, said: "Paul has the qualities needed to ensure future success and provide the leadership to enable the company to realise its full potential."

Drechsler added: "I will be joining Wates at an exciting time in its history with the company in great financial shape."

Finance director Jonathan Houlton is leaving Wates in December. He has held the post for the past six years.