L&Q made the following statement on its website today:
David Montague has today announced that he will step down from his role as Chief Executive of L&Q by the end of the current financial year.
David joined L&Q as a member of the finance team in 1988 and became Group Director of Finance in 2003. He was appointed Chief Executive five years later in February 2008.
As CEO, he has overseen L&Q’s growth to become one of the country’s largest developers and providers of social housing. L&Q now houses over 250,000 people in 110,000 properties and has an ambition to help solve the housing crisis by building 100,000 new homes.
Speaking about his departure, David said: “It has been a pleasure leading L&Q in such extraordinary times and working with talented, dedicated and values driven people for the past three decades to deliver our social mission. At L&Q our story began in 1963 with a handful of entrepreneurs, £64 and a dream to house the people who had been forgotten by others; that dream has never waned.
Our mission is that everyone should have a quality home they can afford; everything we do is about providing essential homes and services for the people that need them most. I couldn’t be more proud of what we have achieved in my time as Chief Executive but I have decided that it is the right time for a new challenge.
I will continue to lead L&Q as Chief Executive until my successor is found. My remaining time will be spent working with the team to develop a new five-year strategy that will help us deliver the best we possibly can for our residents and communities.”
L&Q Chair Aubrey Adams said: “David has been a leading light not just for L&Q but for the housing sector in general. His commitment to our residents, homes and communities has enabled L&Q to face some of the toughest economic and structural challenges in the company’s history, and he has always done it with our social purpose firmly and passionately at his heart. We are thankful for everything he has championed.
Our search for David’s successor will begin immediately and will be squarely focussed on enabling us to secure the skills and diversity needed to continue our focus on safety, quality and customers, and steer L&Q through our next chapter. We will be working towards a smooth handover and transition by the start of the new financial year.”