MILLIONAIRE Duncan Davidson, founder of York-based Persimmon plc, has announced he is to retire as non-executive chairman next April.

Mr Davidson who will then be 65, has accepted a board invitation to become life president of the company he founded in 1972, and built up into the biggest housebuilder in Britain.

He told the Evening Press that he would be kept busy with his farm at his country estate in Northumberland, and would now have the time to concentrate on the soaring fortunes of his daughter, Rose Davidson, the leading woman jockey in National Hunt and point-to-point racing, who rides his horses.

He said: "I will no longer be on the board, but as life president I will be allowed to attend board meetings if asked. But I am not going to interfere. I've done my stuff."

His intention, announced at Persimmon's annual meeting at the Royal York Hotel, has sparked a massive "all change" in the boardroom.

He will be succeeded as chairman by John White, chief executive for the past 12 years.

Mr Davidson told the shareholders: "In the light of John's outstanding track record, the board considers that the company and its shareholders would benefit from his continuing involvement with the group.

"Since he took over as chief executive, group profit before tax has risen from £10.2 million to £470.4 million and earnings per share have grown from 7.3p to 113.9p. His appointment is being made following consultation with a number of our larger shareholders, who are supportive."

Mike Farley, chief executive of Persimmon's south division, takes over from Mr White as group chief executive from next April.

He has been with Persimmon for 21 years, heading up activities in the South for the past seven. Last year his division built 7,000 homes.

Stepping out as a non-executive director next April will be Sir Chips Keswick. Stepping in will be Adam Applegarth, chief executive of Northern Rock plc.

Mr Davidson's announcement comes a little more than a month after the group announced record results, up 33 per cent to £470.4 million.

It crowns a 40-year-long career in housing which began when he left the army after four years in 1963, having spent some time in the Middle East.

After two years as a commercial trainee with Wimpey, he opened Ryedale Homes, working from his then home in Aislaby, near Pickering.

Its headquarters moved first to Malton and later to York and after selling it to the Trafalgar House group he started Persimmon at Fulford, naming it not after the bitter fruit, but the Derby winner of 1896. The company was floated on the stock exchange in 1985 and has grown from strength to strength.

Updated: 09:38 Friday, April 22, 2005