Basil Read group chief executive Marius Heyns is to retire effective from the end of May. The group said yesterday that Heyns would continue as chief executive of the company until his retirement and the group had initiated a process to appoint a successor. Basil Read Developments managing director Terence Hughes has been appointed interim chief executive of the group effective from June 1, but will start working with Heyns and the board from May 1 to ensure an efficient handover process. Hughes has been with Basil Read for 13 years and has 43 years’ experience in the construction industry. Basil Read said it had a strong and capable management team that would assist in ensuring the appropriate business focus remained in place. The chairman and board acknowledged Heyns’ contribution over the past 20 years and wished him well. Shares slipped 1.26 percent to close at R8.60 yesterday. – Roy Cokayne