Shares in housebuilder Taylor Wimpey fell nearly four per cent on the FTSE 250 despite the company announcing the appointment of Kevin Beeston as a new non-executive chairman.

Mr Beeston will join the board of Taylor Wimpey in his new role on 1 July. He will be replacing Norman Askew, who announced his resignation last December. Mr Askew will officially step down on 30 June.

Mr Beeston formerly worked at Serco Group for 25 years, the last eight of which he served as Chairman. He has also held non-executive positions at the Confederation of British Industry, the Chartered Management Institute and Business in the Community.

Mr Askew, said, "I am delighted to welcome Kevin to the Board of Taylor Wimpey and I know that he will make a valuable contribution to the next stage of the Company's development".

Mr Beeston said, "Having spent the majority of my career with Serco Group, I am looking forward immensely to applying my service experience to Taylor Wimpey's future strategic direction and development."

Pete Redfern, Chief Executive of Taylor Wimpey, added, "Kevin brings significant experience of senior management roles within a growing public company and I look forward to working with him to deliver value to shareholders."

By 13:14 shares in Taylor Wimpey were down 3.66 per cent to 37.10 pence per share.