Plus Dane CEO steps down

Managing director Mike Doran has been appointed as interim caretaker CEO while the group, which owns and manages 18,300 homes, looks for a replacement.

A statement to stakeholders said Mr Perry has stepped down with immediate effect, and after a short period of hospital treatment, will be leaving Plus Dane at the end of May 2014.

It said the decision came after discussions with the board, with the timing providing an opportunity to make the change as the group moves to embed its new business plan.

It added: ‘Despite the enormous challenges that we have faced over the past 18 months, Ken, the management team, and the board, have remained focused and determined to deliver the actions required by our regulator.

‘We now have a new business plan and refocused strategic objectives that position us for a strong future and will ensure that our organisation is resilient and continues to make a difference for the customers and neighbourhoods we serve.’

Mr Perry was integral to the development of the group’s Neighbourhood Investor concept, it added.

In September 2013, Plus Dane saw its governance rating downgraded to a G3 due to ‘significant weaknesses in its strategic planning and control framework, its financial management and its management of risk’.

The group said at the time that it has new board members in place and is refreshing the approach to governance, risk and strategic finance.

Plus Dane’s latest financials to 31 March 2013 show a £74m turnover and 19 per cent operating margin, with a 65 per cent gearing level and interest cover ratio of 1.27.