Kier Group PLC (LSE:KIE) shares fell 5.8% after chief executive Andrew Davies announced that he will retire at the end of October, after six years in charge.
In a separate update, the construction group confirmed that full-year revenue and profit were in line with the board’s expectations.
Davies will be succeeded by Stuart Togwell, currently managing director of construction.
Chairman Matthew Lester hailed Davies for returning the group to the FTSE 250 and the dividend list, saying he "increased its resilience, strengthened its financial position and currently has a record order book of over £11 billion".
On Togwell, he said: "The board is confident that his skill set is ideally suited to leading Kier through the next chapter of its development and to deliver long-term sustainable growth".
Full-year net cash was circa £204 million, ahead of consensus forecasts of £184 million.
The well-bid order book provided higher-than-expected revenue visibility for the coming year of 88%.