Mark Reynolds is to resume operational leadership of Mace from January, combining his role as executive chairman with that of chief executive after Jason Millett steps down at the end of December.
Mace had been considering internal and external candidates to replace Millett, who announced his departure in May. The decision reverses the separation of the two roles introduced at the start of 2025, when Millett became chief executive.
Governance changes
Reynolds was chief executive of Mace Group for 12 years until January 2025 and previously held the chairman and chief executive roles concurrently between January 2022 and December 2024.
Mace said it would simplify its governance by combining board and executive committee meetings. Independently chaired audit and risk, and remuneration and nominations committees will remain in place.
Chief operating officer Stephen Jeffery will join the board alongside Reynolds and interim chief financial officer Tony Arthurton. Senior independent director Alison Nimmo is due to step down this month and will be replaced by Sylvia Metayer.
The changes were announced with Mace’s 2025 results. The former combined group, including Mace Consult, generated £3.1bn in revenue, while Mace Construct reported revenue of £2.3bn, cash of £204.6m and net assets of £55.9m.
Lower 2026 revenue forecast
Mace Consult became an independent business in March 2026 after its majority sale to Goldman Sachs Alternatives. Mace said the transaction enabled shareholders to reinvest more than £200m into the construction business, which is now debt-free.
Mace Construct said its 2026 revenue forecast had been reduced after delays in converting projects to second-stage contracts and lower capital spending by major infrastructure clients. The contractor is pursuing significant cost reductions in response to the reduced workload.
Arthurton said: “This year, like many others in the sector, Mace Construct has seen several major projects delayed in securing stage two contracts, resulting in reduced revenue but healthy performance on margin.”
Infrastructure managing director Nigel Cole is due to retire in early 2027. Gavin Seager, currently managing director of specialist services, will succeed him, with Danny Martin taking over Seager’s current role.
Ged Simmonds, Rob Lemming, Seager and Cole have joined the expanded executive committee, alongside commercial director Steven Harris.
Mace Construct is due to announce a new company name and logo on 4 November, with the rebrand taking effect early next year. The business will also move from 155 Moorgate to 6 Devonshire Square at the start of 2027, when it plans to launch a new strategy.