Osborne chief executive Mark Hoyland is to exit the role after less than six months, with former interim boss Dave Smith returning to the helm of a slimmed-down group.
The Surrey-headquartered development and contracting giant announced that Hoyland, who only took the top job last November, would step down to the role of adviser.
He will be replaced by Smith, who ran Osborne on an interim basis for about a year after the departure of the long-serving Andy Steele in late 2021.
Meanwhile, the company is selling offsite manufacturer Innovare Systems to Bowmer + Kirkland.
The firms have agreed a deal for the Coventry-based specialist, which had a £11.6m turnover in the year to September 2021 and employed 60 people.
Innovare staff will have the opportunity to transfer to Bowmer + Kirkland, which has its headquarters in Derbyshire.
Osborne said it was selling the offsite firm to focus on its core business. The Surrey company sold its infrastructure business to private equity in 2021, a move it later credited with boosting its use of offsite construction.
Chairman Andrew Osborne said: “Today’s strategic changes will ensure our core business can be successful in the years ahead. Everyone at Osborne is proud of Innovare’s growth and I know the company will continue to thrive under its new ownership.
“Construction is the heart of Osborne Group, the order book for 2023 is strong and I look forward to making further announcements about new schemes and delivery of existing projects.”
Smith said he was “delighted” to become permanent chief executive, while Hoyland said he was “looking forward to providing strategic support to the board”.
Osborne made a loss of almost £15m in the 18 months to September 2020 before returning to profit in 2021, largely due to the sale of its infrastructure division.
Bowmer + Kirkland said it had been working with Innovare for “a number of years”.
“Our imminent acquisition of Innovare assets, people and brand is the right thing for us to do and, now that we are all under one roof, will be a major benefit for our clients,” said chairman Jack Kirkland. “The strength of the group will help Innovare fulfil its potential.”