The Enquirer understands Smith has decided the “time is right to move on to pastures new” and will step down from his current roles immediately and leave the firm officially on December 31.

Smith joined Wates in 1985 and rose up the ranks to become Chief Operating Officer and Group Managing Director of the Construction Group.

Wates has now started the search for a successor and Chief Executive Andrew Davies will take over Smith’s duties in the interim.

Davies said: “Dave has served the Wates Group with diligence, energy and commitment for the past 32 years and has made a substantial and significant contribution to our business. We thank him and wish him well for the future.”