While the board searches for McPherson’s replacement John Martin, chair, will stand in as interim CEO.

During this time, Martin will conduct a review of each of the firm’s developments across every region to ensure that each site is being developed in accordance with the plans set out during the investment process.

Today the firm also released trading figures, which were below board expectations, for the first three months of the new financial year to December 2021.

Operating profit was more than halved at £28m from £60m previously, on revenue down 28% to £429m.

John Martin, chair of Countryside said: “Iain McPherson has led Countryside through a challenging period, including the Covid pandemic and has clarified the group’s strategy, which is to focus all of our resources on our market-leading Partnerships business.

“I would like to thank Iain for his unwavering commitment and dedication to Countryside as leader of our business in the South and subsequently as Group CEO and to wish him every success in the future.”

McPherson said: “It has been an honour to serve this great company. I have worked with many talented colleagues, and I expect them to drive the company from strength to strength.”

Countryside also announced that Peter Lee, a partner at US investment firm Browning West, one of the home builder’s largest shareholders, was joining the board as non-executive director.

Previously Browning West had called for Countryside to be spilt into two parts to allow the Partnership business to thrive.

Countryside and Browning West have entered into an agreement which clarifies the obligations of both parties in respect of Lee’s appointment.

This includes, among other things, an undertaking that Browning West will not propose resolutions at general meetings, circulate statements to shareholders or seek to remove directors from the board.