James Wates to pass chairmanship to cousin

Industry stalwart James Wates is to step down as chairman of the Wates Group – to be replaced by his cousin.

The firm, which featured in the top 10 of the CN100 with a turnover of £1.5bn in the 12 months to 31 December 2021, has announced that Tim Wates will take over the helm from May this year.

The chairman-in-waiting has spent 30 years at Wates and was appointed as deputy chairman three months ago.

James Wates joined the family-run construction giant in 1983 and was made chairman in 2013. A highly respected career in the industry has included roles as chairman of the Prince’s Trust Corporate Advisory Group; co-chair of Build UK; president of the Chartered Institute of Building; and chairman of the Building Research Establishment.

In 2018, James Wates worked with the government to chair a cross-business group on corporate government, leading to the publication of The Wates Corporate Governance Principles for Large Private Companies.

He was knighted in 2019 for services to business and charity.

James Wates (pictured, left) said today: “I have enjoyed my 10 years as chairman enormously, and the time is now right to pass the baton over to my cousin Tim.

“I look forward to continuing to serve on the board and being actively involved in the business, including representing Wates in external forums.”

Tim Wates joined the contractor in 1993 and is in his second stint on its board. He chairs the Wates Family Council and the Family Shareholder forum and is a member of the Remuneration Committee and the Nominations Committee. He is also a non-executive director of Pedder Property and street food firm Tampopo.

Tim Wates said: “I’m excited about taking over as chairman, with the Wates Group in a strong position to become an even more high-performing, entrepreneurial and sustainable organisation.

“It is an honour to be named the next chairman of our 125-year-old enterprise and continue our tradition of maintaining a long-term perspective and commitment to business as a force for good in society.”