 CEO Haydn Mursell subsequently resigned with immediate effect on 22 January (former Wates Group CEO Andrew Davies was announced as his successor on 19 March, taking up the post on 15 April 2019).In a trading statement Kier said the rights issue had helped reduce year-end net debt to £130m compared with £239m at the end of the previous year; average month-end net debt for the six months to 31 December 2018 was £370m, as compared with £410m for the previous six months.On 28 January 2019, Kier shares dropped 4% after reports it would sell its housing maintenance arm to cut debt, and the company was also reducing its waste management activities.