Housebuilder Bovis Homes has announced it will part ways with its chief executive less than a fortnight after issuing a surprise warning to investors that sales last year will be lower than expected.

David Ritchie has stepped down from the role with immediate effect after eight years in the job but will remain with the New Ash Green-based company until the end of February.

He told investors it had been a “privilege” to see the group double in size during his tenure, delivering record profits, but that “now is the right time for someone new to lead the group into its next phase of development”.

Bovis’ finance director Earl Sibley has been made interim chief executive and will begin the process to find a successor, which is expected to take several months.

The announcement comes after Bovis said slower production in December had put back about 180 completions to the early part of this year.

It emerged many families due to move into its Orchard Fields development in Maidstone were told their properties were not ready – some with less then 24 hours notice.

Total revenues for 2016 are expected to be in the range of £1.04 billion and £1.06 billion, while pre-tax profits will come in between £160 million to £170 million, compared to £160.1 million in 2015.

Mr Ritchie has worked at Bovis for 18 years, joining the board after four years, initially as finance director and then managing director before being made chief executive in 2008.

Chairman Ian Tyler said: “During his time as chief executive, the group successfully navigated the housing market recession and has grown rapidly since 2009.

“David was instrumental in preparing the group for growth and then implementing the new strategy. We wish David the very best for the future and every success in his next venture.”