Springfield chief financial officer Michelle Motion departs

Springfield chief financial officer Michelle Motion departs

Michelle Motion

The chief financial officer of Springfield Properties, Michelle Motion, has resigned with immediate effect, the housebuilder said today.

The company said the board has commenced a search for a new CFO and will “update the market in due course”.

Finance director Iain Logan, who has been with the group for over three years, has assumed the role of interim CFO.

Ms Motion was also a director of the company.

Sandy Adam, chairman of Springfield, said: “On behalf of the Board and everyone at Springfield, I would like to thank Michelle for her contribution over the past nine years. During that period, we have become a public company and undertaken multiple acquisitions that have transformed the scale of our business. We wish Michelle all the best for the future.”

Springfield issued a profit warning in December in the face of increasingly challenging market conditions.

In its interim results for the six months ended 30 November 2022, the housebuilder said it took the strategic decision to temporarily halt entering new long-term affordable housing contracts in September after it deemed the fixed-price nature of the contracts to be “more exposed to inflationary pressures”.

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