THE director, co-founder and chief executive of North East building services group Northern Bear has quit the business.
The Chester-le-Street business, which owns 10 firms in the region, announced yesterday that Graham Forrest had left the company with immediate effect.
It said: “The company will use the occasion of Graham’s resignation to review the board’s composition and to ensure that the talent that exists within the business is being utilised most appropriately.
“Howard Gold, chairman of Northern Bear, will oversee this process, which will include, inter alia, the appointment of a new CEO.”
Forrest’s departure, which is believed to have happened suddenly, could leave a question mark over a major deal for the group’s renewables division, which fits solar panels.
It won a £10m investment in July as a result of months of negotiations between Forrest and renewable energy investment fund Hazel Capital, based in London.
Forrest’s role in the deal was recognised in a clause in the contract announced to the stock exchange by Northern Bear at the time.
It said: “Hazel may terminate the agreements should Mr Graham Forrest cease to be employed by the company.
“Hazel have advised the board that this provision reflects Mr Forrest’s extensive involvement in the negotiations leading up to the agreements and his knowledge of the sector.
“The board has noted both Mr Forrest’s long-term commitment to the company and his terms of employment in agreeing to the inclusion of this provision.”
