Crest Nicholson has announced the appointment of Persimmon’s Martyn Clark as its new chief executive as it confirmed a drop in its annual pre-tax profit of two-thirds.

 The housebuilding giant today announced Clark will join the firm later in the year, replacing Peter Truscott who is retiring after five years in the role. Clark will leave his current role as chief operating officer at Persimmon, after working for nine years at the firm.