Shares in Cairn Homes fell 1.5% over the news “blow” that its group finance director Tim Kenny is to leave the housebuilder.
Mr Kenny plans to leave in January for a new job after making “a significant contribution to the evolution of Cairn”, chairman John Reynolds said. Chief executive Michael Stanley it was “focussed on building on the success achieved by Cairn to date and on securing a strong successor to Tim”.
The shares of Cairn, along with its fellow stock-market listed builder, Glenveagh Properties, have been under pressure for some time, despite selling into a market in which there is a huge demand for new homes.
Analysts say investors are shunning property shares across Europe, while Brexit has also weighed heavily on many Irish shares.
Cairn’s shares have now lost 35% of their value in the past year, to value the firm at €916.5m. Shares in Glenveagh, which rose slightly in the latest session, have lost 40% of their value.
On the Cairn resignation, Investec Ireland said Mr Kenny is leaving after almost two years following a 12-year career as group finance director and company secretary with Musgrave and previously, finance director at Dunloe Ewart.
“The news comes as a disappointment given that Mr Kenny brought a wealth of commercial experience to his role with Cairn...We remain positive on Cairn given the fundamental imbalance between supply and demand, particularly at the affordable end of the new homes market,” the analyst said.
Davy said: “The loss of Tim Kenny to a private Irish company will be a blow for Cairn Homes.”