By Dave Rogers2021-04-27T05:00:00+01:00
John Morgan has been in charge of business since 2012
Morgan Sindall chief executive John Morgan has told Building he is not planning to step down any time soon after a £13m share sale last week prompted speculation about his future.
Morgan, who turns 66 at the end of December, set up the firm in 1977 with then business partner Jack Lovell after the pair met at Reading University where they were studying for estate management degrees.
John Morgan returned to the chief executive’s role in 2012 after a dozen years as executive chairman
It was initially called Morgan Lovell, acquiring Overbury in the mid-1980s, and listing on the Stock Exchange in 1994 as Morgan Sindall after taking over William Sindall.
John Morgan
Morgan Sindall chief executive John Morgan has made £13m after cashing in 650,000 of his shares in the contractor as part of an “estate planning” move.
It is the third time in the last 18 months that the CEO has cashed in a significant number of shares in his company. In November 2019 he netted £4.1m when he sold 300,000 shares, and then made £4.1m from the sale of 220,000 in February 2020.
After the latest sale, Morgan, who co-founded the contractor as Morgan Lovell in 1977, now owns just under 3.5 million shares, worth around £71m.
A spokesperson for the company said: “John is now 65 and the sale is about estate planning. He still retains a 7.5 per cent shareholding, which amounts to a circa £70m-plus stake in the company.”