Sovereign CFO stands down

The chief financial officer at Sovereign is standing down due to unspecified personal reasons.

Tracey Barnes, who joined the 60,000-home association in 2019 from drinks giant Diageo, will leave her post on 18 November.

Barnes played a role in creating Sovereign’s corproate plan, under which it is aiming to build 2,400 homes a year from 2026/27 through a 50% land-led approach. A Sovereign spokesperson said she also led an overhaul of the finance directorate.

Barnes said: “Little did I know when I took up the role that it would entail a global pandemic, delivering our services through national lockdowns and more recently addressing the consequences of Russia’s invasion of Ukraine, an energy crisis and a cost-of-living crisis.

“I have especially enjoyed working with such a talented and committed finance team, helping to shape a business function ready to meet the undoubted challenges ahead. I am sad that I am leaving for personal reasons, but I wish all my colleagues well and I will cherish my time at Sovereign.”

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An interim CFO will be appointed imminently before Sovereign looks to recruit a new permanent role.

Mark Washer, chief executive of Sovereign, said: “Tracey has made a lasting contribution to Sovereign over the last three years, building a new team of senior leaders and shaping the way we work here so we can deliver on our ambitious plans. She should be rightly proud of what she has achieved, and we wish her well for the future.”

Last year Sovereign built 1,196 new homes.

Sovereign last month said it expected to need extra financing in 2022/23 in order “to fund development spend and maintain liquidity” in line with its financial “golden rules”.

It added that it had breached one of its financial rules – to keep its operating margin above 30% – due to “the combination of continued cost pressures the business is experiencing across our property services and increased spend in our transformation programme which will support the long-term performance of the business”.