He will be succeeded by his cousin Tim Wates, who is currently deputy chairman.
Sir James said: “I have enjoyed my 10 years as chairman enormously, and the time is now right to pass the baton over to my cousin Tim.
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“I look forward to continuing to serve on the board and being actively involved in the business, including representing Wates in external forums.”
Tim Wates said: “It is an honour to be named the next Chairman of our 125-year-old enterprise and continue our tradition of maintaining a long-term perspective and commitment to business as a force for good in society.”
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Tim joined Wates in 1993 after starting his career in banking with Cazenove & Co, and has served on the board from 2006 to 2008 and since 2011.
He was appointed deputy chairman in October 2022 and has served as the lead family director on